RBI Governors
· D Subarao - September 6, 2008 to September 4 2013
· Y V Reddy - September 9, 2003 to September 5, 2008
· Bimal Jalan - Nov 22 1997 to September 6, 2003
· C Rangarajan - December 22, 1992 to November 22, 1997.
· S Venkitaramanan - December 22, 1990 and served till December 21, 1992
· R N Malhotra - February 4,1985 to December 22, 1990
· A Ghosh - 15 January 1985 – 4 February 1985
· Manmohan Singh - 16 September 1982 – 14 January 1985
· I G Patel - 1 December 1977 – 15 September 1982
· M Narasimham (May 2, 1977 to November 30, 1977)
· K R Puri (August 20, 1975 to May 2, 1977)
· N C Sen Gupta (May 19, 1975 to August 19, 1975)
· S Jagannathan (June 16, 1970 to May 19, 1975)
· B N Adarkar (May 4, 1970 to June 15, 1970)
· L K Jha (July 1, 1967 to May 3, 1970)
· P C Bhattacharyya (March 1, 1962 to June 30, 1967)
· H V R Iyengar (March 1, 1957 to February 28, 1962)
· K G Ambegaonkar (January 14, 1957 to February 28, 1957)
· Sir Benegal Rama Rau (July 1, 1949 to January 14, 1957)
· Chintaman D Deshmukh (August 11, 1943 to June 30, 1949)
· Sir James Braid Taylor (July 1, 1937 to February 17,1943)
· Sir Osborne A Smith (April 1, 1935 to June 30, 1937)
RBI Governor's functions:
· The RBI governor is a superstar. He is the bankers' banker. He is also the banker to the government.
· He is all-powerful. Well, almost. He influences a wide range of micro and macro economic issues in the country.
· His autograph appears on currency notes and he controls the country's monetary, currency and credit systems.
· His actions influence not only the entire banking system, but also the stock markets, the economy and people's lives in general. Indeed, if he sneezes, the markets tend to catch a cold.
· He heads an institution which is the sole authority for issuing bank notes. The central bank chief also supervises all banking operations in the country. He supervises and administers exchange control and banking regulations.
· Besides administering the government's policy, he also issues licenses for new banks, private banks and foreign banks.
· The RBI governor helps formulates, implement and monitor the monetary policy. The objective is to maintain price stability and ensure adequate flow of credit to productive sectors.
· The central bank chief announces the biannual Monetary and Credit Policy. The governor announces the changes (if any) in the policy for the year: whether there will be a cut in the cash reserve ratio, bank rate, lending rate, and interest rate. It will also project the gross domestic product growth of the country for the year.
· He controls the country's interest rates on deposits and advances, but only to the extent of prescribing interest rate on saving accounts and a minimum lending rate. He prescribes the minimum cash reserve and liquid assets to be maintained as a ratio of net demand and time liabilities, and also lays down norms for investments in other assets by primary co-operative banks.
· He regulates and supervises the nation's financial system. He sets down broad parameters of banking operations within which the country's banking and financial system functions. The aim is to maintain public confidence in the system, protect depositors' interest and provide cost-effective banking services to the public.
· He manages the Foreign Exchange Management Act, 1999 to facilitate external trade and payment and promote orderly development and maintenance of foreign exchange market in India.
· He monitors the issues and exchange (or destruction) of currency and coins not fit for circulation to give the public adequate quantity of supplies of currency notes and coins and in good quality.
· The RBI governor also plans a role in helping promote functions to support national objectives.
· The governor -- with help from his large team, of course -- has to constantly review rules and regulations to make them more customer-friendly.
· He also governs and supervises primary co-operative banks, popularly known as 'urban co-operative banks,' through his Urban Banks Department.
· The RBI governor also has a say in monitoring and facilitating flow of credit to rural, agricultural and small-scale industries' sectors, framing policies on priority sector lending, giving support to agriculture banks, and regulates regional rural banks, state/central co-operative banks and local area banks.
· He also monitors the implementation of government-sponsored poverty alleviation schemes.
· D Subarao - September 6, 2008 to September 4 2013
· Y V Reddy - September 9, 2003 to September 5, 2008
· Bimal Jalan - Nov 22 1997 to September 6, 2003
· C Rangarajan - December 22, 1992 to November 22, 1997.
· S Venkitaramanan - December 22, 1990 and served till December 21, 1992
· R N Malhotra - February 4,1985 to December 22, 1990
· A Ghosh - 15 January 1985 – 4 February 1985
· Manmohan Singh - 16 September 1982 – 14 January 1985
· I G Patel - 1 December 1977 – 15 September 1982
· M Narasimham (May 2, 1977 to November 30, 1977)
· K R Puri (August 20, 1975 to May 2, 1977)
· N C Sen Gupta (May 19, 1975 to August 19, 1975)
· S Jagannathan (June 16, 1970 to May 19, 1975)
· B N Adarkar (May 4, 1970 to June 15, 1970)
· L K Jha (July 1, 1967 to May 3, 1970)
· P C Bhattacharyya (March 1, 1962 to June 30, 1967)
· H V R Iyengar (March 1, 1957 to February 28, 1962)
· K G Ambegaonkar (January 14, 1957 to February 28, 1957)
· Sir Benegal Rama Rau (July 1, 1949 to January 14, 1957)
· Chintaman D Deshmukh (August 11, 1943 to June 30, 1949)
· Sir James Braid Taylor (July 1, 1937 to February 17,1943)
· Sir Osborne A Smith (April 1, 1935 to June 30, 1937)
RBI Governor's functions:
· The RBI governor is a superstar. He is the bankers' banker. He is also the banker to the government.
· He is all-powerful. Well, almost. He influences a wide range of micro and macro economic issues in the country.
· His autograph appears on currency notes and he controls the country's monetary, currency and credit systems.
· His actions influence not only the entire banking system, but also the stock markets, the economy and people's lives in general. Indeed, if he sneezes, the markets tend to catch a cold.
· He heads an institution which is the sole authority for issuing bank notes. The central bank chief also supervises all banking operations in the country. He supervises and administers exchange control and banking regulations.
· Besides administering the government's policy, he also issues licenses for new banks, private banks and foreign banks.
· The RBI governor helps formulates, implement and monitor the monetary policy. The objective is to maintain price stability and ensure adequate flow of credit to productive sectors.
· The central bank chief announces the biannual Monetary and Credit Policy. The governor announces the changes (if any) in the policy for the year: whether there will be a cut in the cash reserve ratio, bank rate, lending rate, and interest rate. It will also project the gross domestic product growth of the country for the year.
· He controls the country's interest rates on deposits and advances, but only to the extent of prescribing interest rate on saving accounts and a minimum lending rate. He prescribes the minimum cash reserve and liquid assets to be maintained as a ratio of net demand and time liabilities, and also lays down norms for investments in other assets by primary co-operative banks.
· He regulates and supervises the nation's financial system. He sets down broad parameters of banking operations within which the country's banking and financial system functions. The aim is to maintain public confidence in the system, protect depositors' interest and provide cost-effective banking services to the public.
· He manages the Foreign Exchange Management Act, 1999 to facilitate external trade and payment and promote orderly development and maintenance of foreign exchange market in India.
· He monitors the issues and exchange (or destruction) of currency and coins not fit for circulation to give the public adequate quantity of supplies of currency notes and coins and in good quality.
· The RBI governor also plans a role in helping promote functions to support national objectives.
· The governor -- with help from his large team, of course -- has to constantly review rules and regulations to make them more customer-friendly.
· He also governs and supervises primary co-operative banks, popularly known as 'urban co-operative banks,' through his Urban Banks Department.
· The RBI governor also has a say in monitoring and facilitating flow of credit to rural, agricultural and small-scale industries' sectors, framing policies on priority sector lending, giving support to agriculture banks, and regulates regional rural banks, state/central co-operative banks and local area banks.
· He also monitors the implementation of government-sponsored poverty alleviation schemes.
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