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Governor of the Reserve Bank of India

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The governor of the Reserve Bank of India is the chief executive officer of India's central bank and the ex-officio chair of its Central Board of Directors. The Governor of RBI by convention to be considered as equivalent to the Cabinet Secretary of India, as per Level 18 in the Pay Scale.[1] The Indian Rupee currency notes, issued by the Reserve Bank of India, bear the governor's signature.[2] Since its establishment in 1935, the RBI has been headed by twenty-six governors. The governor is a member of the Strategic Policy Group headed by National Security Advisor Ajit Doval. It is a crucial wing of the National Security Council Secretariat.[3]

Governor of the Reserve Bank of India
भारतीय रिजर्व बैंक के गवर्नर
Seal of the Reserve Bank of India
Flag of India
since 11 December 2024
Ministry of Finance
Reserve Bank of India
TypeChief Executive Officer
StatusHead of RBI
Member ofCentral Board of Directors
Monetary Policy Committee
Strategic Policy Group
National Security Council
Reports to
ResidenceMalabar Hill, Mumbai, Maharashtra
Seat18th Floor, Central Office Building, Shahid Bhagat Singh Road, Mumbai, 400 001
AppointerAppointments Committee of the Cabinet
Term length5 Years (max)
Constituting instrumentReserve Bank of India Act, 1934
Inaugural holderSir Osborne Smith
Formation1 April 1935; 91 years ago (1935-04-01)
DeputyDeputy Governor
Salary₹250,000 (US$2,600) (per month)
₹3,000,000 (US$31,000) (per year)
Websiterbi.org.in/Scripts/governors.aspx

The inaugural officeholder was the Australian banker Sir Osborne Smith, while Sir C. D. Deshmukh was the first native Indian governor. Sir Benegal Rama Rau was the longest-serving governor, Holding office for over seven years. while Amitav Ghosh's 20-day term is the shortest. The bank's fifteenth governor, Manmohan Singh, later became India's thirteenth prime minister. Sanjay Malhotra is the twenty-sixth governor of the Reserve Bank of India from 11 December 2024.[4][5]

Appointment process

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The RBI Governor is appointed by the Government of India under the provisions of the Reserve Bank of India Act, 1934. The appointment is made by the Appointments Committee of the Cabinet (ACC), headed by the Prime Minister and the Home Minister. Typically, the Governor is appointed for a term of up to five years, which may be extended or renewed for a second term.[6][7][8]

Duties and responsibilities of the governor

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The RBI Governor is the chief executive authority of the Reserve Bank of India and is responsible for formulating and implementing monetary policy of India. The Governor chairs the Monetary Policy Committee, which determines key interest rates to maintain price stability while supporting economic growth.[9][10][11][12]

The Governor oversees regulation and supervision of the banking and financial system in India. This includes ensuring financial stability[13], issuing guidelines for banks and non-banking financial companies, and taking corrective actions when required.[14][15][16][17]

The RBI Governor also manages India’s foreign exchange reserves and formulates policies under the Foreign Exchange Management Act, 1999. This involves maintaining exchange rate stability and ensuring orderly development of the foreign exchange market.[18][19][20]

Additionally, the Governor acts as the principal advisor to the National Security Advisor and the Government of India on national security, economic and financial matters. The office also handles currency issuance, payment and settlement systems, and promotes safe and efficient financial infrastructure in the country.[21][22][23][24]

Emolument, accommodation and perquisites

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The rank of the RBI Governor is equivalent to the Cabinet Secretary as per pay-level.[25] The post is accompanied by:

  • Official residence at Malabar Hill, Mumbai, Maharashtra, a Type-VIII bungalow.
  • Security cover as per central government rules.
  • Eligibility for a diplomatic or official passport for foreign travel.
  • Salary as per Pay Level 18 of the 7th Pay Commission. Although the Dearness allowance (DA), Travel Allowance (TA) and other allowances are determined by the RBI.[26]
RBI Governor monthly pay and allowances
Base Salary as per 7th Pay Commission (Per month) Pay Matrix Level Sources
₹250,000 (US$2,600) Pay Level 18 [27]

List of governors

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Sir C. D. Deshmukh was the first Indian to serve as the governor.
Sir Benegal Rama Rau was the longest serving governor.
I. G. Patel, the fourteenth governor, who oversaw the demonetization of ₹5,000 and ₹10,000 value currency
Manmohan Singh, the fifteenth governor, later served as the thirteenth Prime Minister of India
Urjit Patel, the twentyfourth governor, who oversaw the demonetization of ₹500 and ₹1000 banknotes
Sanjay Malhotra, the twenty-sixth and the incumbent governor
# Portrait Name Term Length of tenure Notes[28] Ref
1 Osborne Smith 1 April 1935
—
30 June 1937		 2 years, 90 days Smith was an Australian banker who served as the managing governor of the Imperial Bank of India before becoming the governor. He resigned the governorship before the completion of the term. [29]
2 James Braid Taylor 1 July 1937
—
17 February 1943		 5 years, 231 days Taylor was an ICS officer who served as the controller of the currency and the deputy governor of the RBI. He died while in office. [30]
3 C. D. Deshmukh 11 August 1943
—
30 June 1949		 5 years, 323 days Deshmukh was an ICS officer who served as the deputy governor of the RBI. He was the first Indian to serve as the governor. His governorship oversaw the partition of India as the subsequent division of assets and liabilities between India and Pakistan.
4 Benegal Rama Rau 1 July 1949
—
14 January 1957		 7 years, 197 days Rau was an ICS officer who served as the ambassador to the United States. He resigned the governorship before the completion of his second extended term.
5 K. G. Ambegaonkar 14 January 1957
—
28 February 1957		 45 days Ambegaokar was an ICS officer who served as the Finance Secretary before becoming the deputy governor of RBI. He was appointed as the interim governor upon the resignation of Benegal Rama Rau.
6 H. V. R. Iengar 1 March 1957
—
28 February 1962		 4 years, 364 days Iyengar was an ICS officer who served as the chairman of the State Bank of India. Indian coinage was shifted to decimal coinage during his governorship.
7 P. C. Bhattacharya 1 March 1962
—
30 June 1967		 5 years, 121 days Bhattacharya was an Indian Audit and Accounts Service officer who served as the chairman of the State Bank of India before becoming the governor.
8 Lakshmi Kant Jha 1 July 1967
—
3 May 1970		 2 years, 306 days Jha was an ICS officer who served as the secretary to the prime minister before becoming the governor. He left the office upon his appointment as the ambassador to the United States.
9 B. N. Adarkar 4 May 1970
—
15 June 1970		 42 days Adarkar was an economist who served as the economic advisor to the government before becoming the deputy governor of RBI. He was appointed as the interim governor.
10 S. Jagannathan 16 June 1970
—
19 May 1975		 4 years, 337 days Jagannathan was an ICS officer who served as India's Executive Director of the World Bank before becoming the governor. He resigned the office to become the India's Executive Director of the International Monetary Fund.
11 N. C. Sen Gupta 19 May 1975
—
19 August 1975		 92 days Gupta served as the Secretary to the Department of Banking before becoming the interim governor.
12 K. R. Puri 20 August 1975
—
2 May 1977		 1 year, 255 days Puri served as the chairman of the Life Insurance Corporation before becoming the governor. His governorship oversaw the formation of various regional rural banks.
13 M. Narasimham 3 May 1977
—
30 November 1977		 211 days Narasimham was a RBI research officer who served as an Additional Secretary to the Department of Economic Affairs before becoming the governor.
14 I. G. Patel 1 December 1977
—
15 September 1982		 4 years, 288 days Patel was an economist who served as a Secretary in the Ministry of Finance before becoming the governor. His governorship oversaw the demonetization of ₹5,000 and ₹10,000 value currency.[31]
15 Manmohan Singh 16 September 1982
—
14 January 1985		 2 years, 120 days Singh was an economist who served as the Finance Secretary before becoming the governor. His governorship oversaw various legal reforms related to the banking sector.
16 Amitav Ghosh 15 January 1985
—
4 February 1985		 20 days Ghosh was the deputy governor of RBI who was appointed as the interim governor until R. N. Malhotra assumed the office.
17 R. N. Malhotra 4 February 1985
—
22 December 1990		 5 years, 321 days Malhotra was an Indian Administrative Services officer who served as Executive Director of the IMF before becoming the governor. His governorship oversaw the inauguration of Indira Gandhi Institute of Development Research.
18 S. Venkitaramanan 22 December 1990
—
21 December 1992		 1 year, 365 days Venkitaramanan was an IAS officer who served as the Finance Secretary before becoming the governor. India adopted IMF's stabilization program during his governorship.
19 C. Rangarajan 22 December 1992
—
21 November 1997		 4 years, 334 days Rangarajan is an economist who served as the deputy governor of RBI before becoming the governor. His governorship oversaw the establishment of unified exchange rate.
20 Bimal Jalan 22 November 1997
—
6 September 2003		 5 years, 288 days Jalan is an economist who served at various positions including being the chief economic adviser to the government and serving as the Finance Secretary before becoming the governor. His governorship oversaw less inflation and interest rates.
21 Y. V. Reddy 6 September 2003
—
5 September 2008		 4 years, 365 days Reddy is an IAS officer who served as the deputy governor of RBI before becoming the governor. During his governorship, he contributed in the financial sector reforms and external commercial borrowings.
22 D. Subbarao 5 September 2008
—
4 September 2013		 4 years, 364 days Subbarao is an IAS officer who served as the Finance Secretary before becoming the governor. He wrote on various issues including decentralization and public finance.
23 Raghuram Rajan 4 September 2013
—
4 September 2016		 3 years, 0 days Rajan is an economist who served as the chief economic advisor to the government and the chief economist of IMF before becoming the governor.
24 Urjit Patel 4 September 2016
—
10 December 2018		 2 years, 98 days Patel is an economist who worked with the IMF and the central government. He served as the deputy governor of RBI before becoming the governor. His governorship oversaw the demonetization of ₹500 and ₹1000 banknotes. He later resigned citing personal reasons. [32][33][34]
25 Shaktikanta Das 12 December 2018
—
11 December 2024		 5 years, 365 days Das was an IAS officer who served as the Revenue Secretary and later Economic Affairs Secretary. He served as a Member of the 15th Finance Commission before becoming the governor. [35][36][37][38]
26 Sanjay Malhotra 11 December 2024
—
Incumbent		 1 year, 205 days Malhotra is an IAS officer who served as the Financial Services Secretary and later Revenue Secretary before becoming the governor. [39]
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See also

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References

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  1. ↑ "The Indian Administrative Service (Pay) Rules, 2016" (PDF). Department of Personnel and Training (DoPT), Government of India. Ministry of Personnel, Public Grievances and Pensions. 2016. Retrieved 2 May 2026.
  2. ↑ "FAQs". Reserve Bank of India. Retrieved 2 May 2026.
  3. ↑ Sahay, C. D. (25 October 2018). "Strategic Policy Group – Evolution of Integrated National Security Structure". Vivekananda International Foundation. Retrieved 2 May 2026.
  4. ↑ "Govt likely to extend RBI Governor Shaktikanta Das's term for second time". Business Standard. 18 November 2024. Retrieved 2 May 2026.
  5. ↑ "Sanjay Malhotra is the new RBI Governor for three-year term". The Hindu. 10 December 2024. Retrieved 2 May 2026.
  6. ↑ "How is the RBI Governor appointed?". The Economic Times. 9 December 2024. Retrieved 2 May 2026.
  7. ↑ "Appointment of RBI Governor". Press Information Bureau, Government of India. Retrieved 2 May 2026.
  8. ↑ "Consider the following statements with respect to the Governor of the Reserve Bank of India (RBI)". ForumIAS. Retrieved 2 May 2026.
  9. ↑ "Monetary Policy". Reserve Bank of India. Retrieved 2 May 2026.
  10. ↑ "RBI MPC meet: What's on the table for the rate-setting panel". The Economic Times. 5 February 2026. Retrieved 2 May 2026.
  11. ↑ "Monetary Policy Committee decisions / related press release". Press Information Bureau, Government of India. Retrieved 2 May 2026.
  12. ↑ "RBI MPC meeting this week: Date, time, where to watch live streaming of RBI Governor Sanjay Malhotra's monetary policy statement". The Times of India. Retrieved 2 May 2026.
  13. ↑ "Indian Central Bank Holds Rates as Mideast War Keeps Outlook in Flux". The Wall Street Journal. Retrieved 2 May 2026.
  14. ↑ "RBI to rationalise board norms, focus on strategy, policy for banks". Business Standard. 8 April 2026. Retrieved 2 May 2026.
  15. ↑ "India's central bank governor urges banks to ensure fair financial market access". Reuters. 1 May 2026. Retrieved 2 May 2026.
  16. ↑ "RBI cancels Paytm Payments Bank licence". ET Edge Insights. Retrieved 2 May 2026.
  17. ↑ "Banking Overview". Department of Financial Services, Ministry of Finance, Government of India. Retrieved 2 May 2026.
  18. ↑ "Weekly Statistical Supplement (WSS) View Detail". Reserve Bank of India. Retrieved 2 May 2026.
  19. ↑ "Indian economy faces risks on multiple fronts from Middle East conflict". The Wall Street Journal. Retrieved 2 May 2026.
  20. ↑ "India's forex reserves fall $4.82 billion to $698 billion, shows RBI data". Business Standard. 1 May 2026. Retrieved 2 May 2026.
  21. ↑ "RBI Governor Sanjay Malhotra unveils National Strategy for Financial Inclusion 2025–30". NewsOnAir (All India Radio). Retrieved 2 May 2026.
  22. ↑ "UPSC Key: RBI to compensate digital fraud victims, rat-hole mining, Russian oil imports". The Indian Express. Retrieved 2 May 2026.
  23. ↑ "Ajit Doval to head key panel set up to assist National Security Council". The Indian Express. Retrieved 2 May 2026.
  24. ↑ "RBI advises states to be more prudent in managing finances". The Economic Times. 19 December 2024. Retrieved 2 May 2026.
  25. ↑ "Raghuram Rajan says his salary as RBI Governor was Rs 4 lakh; 'I don't get a pension'". Moneycontrol. Retrieved 2 May 2026.
  26. ↑ "Army Pay Rules, 2017" (PDF). Ministry of Defence, Government of India. 3 May 2017. Retrieved 24 September 2017.
  27. ↑ "Report of the 7th Central Pay Commission of India" (PDF). Seventh Central Pay Commission, Government of India. Archived from the original (PDF) on 20 November 2015. Retrieved 13 August 2017.
  28. ↑ "Governors". Reserve Bank of India. Retrieved 19 June 2022.
  29. ↑ Dadabhoy, Bakhtiar K. (2013). Barons of Banking: Glimpses of Indian Banking History. Noida: Random House India. p. 20. ISBN 978-81-8400-476-2.
  30. ↑ Saha, Siddhartha Sankar (2013). Indian Financial Systems and Markets. New Delhi: McGraw-Hill. p. 67. ISBN 978-1-259-00500-8.
  31. ↑ "In 1946 and 1978, India had demonetised Rs 5,000, 10,000 notes". Deccan Chronicle. 9 November 2016. Retrieved 19 June 2022.
  32. ↑ "Urjit Patel Resigns - Here are the reasons". Economic Times. 11 December 2018. Retrieved 12 August 2019.
  33. ↑ "Urjit Patel appointed Deputy Governor".
  34. ↑ "Rs 500, Rs 1000 currency notes stand abolished from midnight: PM Modi", The Indian Express, 9 November 2016
  35. ↑ Prasad, Gireesh Chandra; Ghosh, Shayan; Gopakumar, Gopika (11 December 2018). "Shaktikanta Das, Who Oversaw Demonetization, Is New RBI Governor". Livemint. Retrieved 24 April 2022.
  36. ↑ "N.K. Singh heads 15th Finance Commission, Shaktikanta Das a member". Business Standard. New Delhi. 27 November 2017. Retrieved 15 January 2018.
  37. ↑ "Shaktikanta Das appointed Economic Affairs Secretary; Hasmukh Adhia is new Revenue Secretary". The Economic Times. New Delhi. 29 August 2015. Retrieved 15 January 2018.
  38. ↑ "Shaktikanta Das appointed as Revenue Secretary". Business Standard. New Delhi. Press Trust of India. 16 June 2014. Retrieved 15 January 2018.
  39. ↑ Venkiteswaran, Rajesh Trichur (26 December 2024). "Sanjay Malhotra Takes Charge As RBI Governor". Global Finance Magazine. Retrieved 26 December 2024.
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