Deputy Governor of the Reserve Bank of India

From Wikipedia, the free encyclopedia

The deputy governor of the Reserve Bank of India is the second most senior executive of the Reserve Bank of India after its governor. Since its establishment in 1934 by the government of India, the RBI has had 63 deputy governors. Currently the rank of deputy governor is equivalent to the rank of Secretary.[1]

TypeSenior Executive Officer
StatusDeputy Head of RBI
Member ofCentral Board of Directors
Monetary Policy Committee
Reports to
Quick facts of the Reserve Bank of India, Type ...
Deputy Governor of the Reserve Bank of India
भारतीय रिजर्व बैंक के उप-गवर्नर
Seal of the Reserve Bank of India
Flag of India
Incumbent
Swaminathan Janakiraman,
Poonam Gupta,
Shirish Chandra Murmu
Rohit Jain
Ministry of Finance
Reserve Bank of India
TypeSenior Executive Officer
StatusDeputy Head of RBI
Member ofCentral Board of Directors
Monetary Policy Committee
Reports to
ResidenceMumbai, Maharashtra
Seat19th 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 James Braid Taylor and Sikandar Hayat Khan
Formation1 April 1935; 91 years ago (1935-04-01)
DeputyExecutive Director
Salary₹225,000 (US$2,300) (per month)
₹2,700,000 (US$28,000) (per year)
Websitewww.rbi.org.in/scripts/deputygovernors.aspx
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The term of office typically runs for three years and can, in some cases, be extended for another two years.[2]

The inaugural officeholder was James Braid Taylor, while K J Udeshi holds the unique distinction of becoming the first female deputy governor of the Reserve Bank of India.[3]

Currently there are four incumbent deputy governors of the Reserve Bank of India, they are: Swaminathan Janakiraman, Poonam Gupta, Shirish Chandra Murmu and Rohit Jain.[4]

Appointment process

The Deputy Governor of RBI 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 Deputy Governor is appointed for a term of up to five years, which may be extended or renewed for a second term.[5]

Duties and Responsibilities of the Deputy Governor

The Deputy Governors of the Reserve Bank of India assist the Governor in managing the central bank’s overall functions and policy implementation. Each Deputy Governor is assigned specific portfolios such as monetary policy, banking regulation and supervision, financial markets, or currency management. They help formulate and execute decisions taken by the Monetary Policy Committee and the Central Board of Directors.[6]

They also oversee key operational departments and ensure effective regulation of banks and non-banking financial institutions. In addition, Deputy Governors represent the RBI in national and international forums when required and contribute to maintaining financial stability, smooth payment systems, and implementation of regulatory frameworks.[7]

Emolument, accommodation and perquisites

The rank of the RBI Deputy Governor is equivalent to the Secretary as per pay-level.[8] The post is accompanied by:

  • Official residence in Mumbai, Maharashtra, a Type-VII / VIII bungalow.
  • Security cover as per central government rules.
  • Eligibility for a diplomatic or official passport for foreign travel.
  • Salary as per Pay Level 17 of the 7th Pay Commission. Although the Dearness allowance (DA), Travel Allowance (TA) and other allowances are determined by the RBI.[9]
More information Base Salary as per 7th Pay Commission (Per month), Pay Matrix Level ...
RBI Deputy Governor monthly pay and allowances
Base Salary as per 7th Pay Commission (Per month) Pay Matrix Level Sources
₹225,000 (US$2,300) Pay Level 17 [10]
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List of deputy governors

More information No., Officeholder ...
List of deputy governors of the Reserve Bank of India
No. Officeholder Portrait Term start Term end Term in office Background Other offices held References
1 James Braid Taylor 1 April 1935 30 June 1937 2 years, 90 days  Civil servant Indian Civil Service officer [11][12][13]
2 Sikandar Hayat Khan 1 April 1935 20 October 1935 202 days  Politician Prime Minister of Punjab
 [11][12][13]
3 Manilal Balabhai Nanavati 21 December 1936 21 December 1941 5 years, 0 days  Freedom fighter [11][12][13]
4 C. D. Deshmukh 22 December 1941 10 October 1943 1 year, 292 days  Indian Civil Service officer Minister of Finance [11][12][13]
5 Wajahat Hussain 16 August 1943 4 December 1945 2 years, 49 days  [11][12][13]
6 C.R. Trevor 16 August 1943 31 December 1949 6 years, 137 days  [11][12][13]
7 M.G. Mekhri 8 July 1946 7 July 1951 4 years, 364 days  [11][12][13]
8 W.T. McCallum 15 April 1946 14 July 1948 2 years, 90 days  [11][12][13]
9 N. Sundaresan 1 January 1950 31 December 1954 4 years, 364 days  [11][12][13]
10 Ram Nath 8 June 1951 8 July 1959 8 years, 30 days  [11][12][13]
11 K. G. Ambegaonkar 1 March 1955 29 February 1960 4 years, 365 days  Indian Civil Service officer Governor of the Reserve Bank of India [11][12][13]
12 Borra Venkatappaiah 1 July 1955 28 February 1962 6 years, 242 days  Career banker Chairman of the State Bank of India [11][12][13]
13 M.V. Rangachari 1 March 1960 28 February 1965 4 years, 364 days  [11][12][13]
14 Dattatreya Gopal Karve 1 March 1962 29 February 1964 1 year, 365 days  Economist Professor at Fergusson University
 [11][12][13]
15 C.S. Divekar 12 November 1962 11 November 1965 2 years, 364 days  [11][12][13]
16 M.R. Bhide 29 February 1964 25 January 1967 2 years, 331 days  [11][12][13]
17 B.K. Madan 1 July 1964 31 January 1967 2 years, 214 days  Economist Chairman of IDBI Bank [11][12][13]
18 B. N. Adarkar 16 June 1965 3 May 1970 4 years, 321 days  Economist Governor of the Reserve Bank of India [11][12][13]
19 A. Bakshi 24 January 1967 8 September 1969 2 years, 227 days  [11][12][13]
20 J.J. Anjaria 1 February 1967 28 February 1970 3 years, 27 days  [11][12][13]
21 P.N. Damry 13 February 1967 15 March 1972 5 years, 31 days  Economist [11][12][13]
22 Rabindra Kishen Hazari 27 November 1969 26 November 1977 7 years, 364 days  [11][12][13]
23 V. V. Chari 17 November 1970 30 November 1975 5 years, 13 days  [11][12][13]
24 S.S. Shiralkar 18 December 1970 25 July 1976 5 years, 220 days  [11][12][13]
25 R.K. Sheshadri 26 July 1973 25 July 1976 2 years, 365 days  [11][12][13]
26 K.S. Krishnaswamy 29 December 1975 31 March 1981 5 years, 92 days  Economist [11][12][13]
27 P.R. Nangia 29 December 1975 15 February 1982 6 years, 48 days  [11][12][13]
28 J.C. Luther 4 January 1977 1 June 1977 148 days  [11][12][13]
29 M. Ramakrishnayya 4 January 1977 1 June 1977 148 days  Indian Administrative Service officer Chairman of the National Bank for Agriculture and Rural Development [11][12][13]
30 Amitav Ghosh 21 January 1982 20 January 1992 9 years, 364 days  Career banker Governor of the Reserve Bank of India [11][12][13]
31 C. Rangarajan 12 February 1982 20 August 1991 9 years, 189 days  Career banker Governor of the Reserve Bank of India [11][12][13]
32 M.V. Hate 12 March 1982 11 March 1985 2 years, 364 days  [11][12][13]
33 R.K. Kaul 1 October 1983 30 September 1986 2 years, 364 days  [11][12][13]
34 P.D. Ojha 29 April 1985 28 April 1990 4 years, 364 days  [11][12][13]
35 P.R. Nayak 1 April 1987 31 March 1992 4 years, 365 days  [11][12][13]
36 R. Janakiraman 1 April 1987 31 March 1992 4 years, 365 days  Career banker Managing director of the State Bank of India [11][12][13]
37 S.S. Tarapore 30 January 1992 30 September 1996 4 years, 244 days  Career banker [11][12][13]
38 D. R. Mehta 11 November 1992 21 February 1995 3 years, 102 days  Economist Chairman of the Securities and Exchange Board of India [11][12][13]
39 S.P. Talwar 7 November 1994 30 June 2001 6 years, 235 days  Career banker [11][12][13]
40 R.V. Gupta 2 May 1995 30 November 1997 2 years, 212 days  Career banker [11][12][13]
41 Y. V. Reddy 14 September 1996 31 July 2002 5 years, 320 days  Career banker Governor of the Reserve Bank of India [11][12][13]
42 Jagdish Capoor 1 January 1997 30 June 2001 4 years, 180 days  Career banker Chairman of HDFC Bank [11][12][13]
43 Vepa Kamesam 1 July 2001 23 December 2003 2 years, 175 days  Career banker Managing director of the State Bank of India [11][12][13]
44 G P Muniappan 1 July 2001 31 May 2003 1 year, 334 days  Career banker Chairman of the Deposit Insurance and Credit Guarantee Corporation [11][12][13]
45 Rakesh Mohan 9 September 2002 10 June 2009 6 years, 274 days  Economist Consultant at the Planning Commission [11][12][13]
46 K J Udeshi 10 June 2003 12 December 2005 2 years, 185 days  Career banker Chairman of Bharatiya Reserve Bank Note Mudran [11][12][13]
47 V Leeladhar 21 September 2004 8 December 2008 4 years, 78 days  Career banker Chairman of Union Bank of India [11][12][13]
48 Shyamala Gopinath 21 September 2004 8 December 2008 4 years, 78 days  Career banker Chairman of HDFC Bank [11][12][13]
49 Usha Thorat 10 November 2005 9 November 2010 4 years, 364 days  Career banker [11][12][13]
50 Kamalesh Chandra Chakrabarty 15 June 2009 25 April 2014 4 years, 314 days  Career banker Chairman of Bank of Baroda [11][12][13]
51 Subir Gokarn 24 November 2009 31 December 2012 3 years, 37 days  Economist Professor at Stanford University [11][12][13]
52 Anand Sinha 19 January 2011 18 January 2014 2 years, 364 days  Career banker Chairman of the Export Credit Guarantee Corporation of India [11][12][13]
53 Harun Rashid Khan 4 July 2011 4 July 2016 5 years, 0 days  Career banker Chairman of the National Bank for Agriculture and Rural Development [11][12][13]
54 Urjit Patel 11 January 2013 4 September 2016 3 years, 237 days  Career banker Governor of the Reserve Bank of India [11][12][13]
55 R Gandhi 3 April 2014 2 April 2017 3 years, 237 days  Career banker [11][12][13]
56 Subhash Sheoratan Mundra 31 July 2014 30 July 2017 2 years, 364 days  Career banker [11][12][13]
57 Viral Acharya 23 January 2017 23 January 2019 2 years, 0 days  Career banker [11][12][13]
58 N. S. Vishwanathan 4 July 2016 31 March 2020 3 years, 271 days  Career banker [11][12][13]
59 B.P. Kanungo 3 April 2017 2 April 2021 3 years, 364 days  Career banker [11][12][13]
60 Mahesh Kumar Jain 22 June 2018 26 June 2023 8 years, 2 days  Career banker [11][12][13]
61 Michael Patra 15 January 2020 14 January 2025 6 years, 160 days  Career banker [11][12][13]
62 M. Rajeshwar Rao 9 October 2020 8 October 2025 5 years, 258 days  Career banker [11][12][13]
63 T. Rabi Sankar 3 May 2021 3 May 2026 5 years, 52 days  Career banker [11][12][13]
64 Swaminathan Janakiraman 26 June 2023 Incumbent 2 years, 363 days  Career banker Managing Director of the State Bank of India [11][12][13]
65 Poonam Gupta (Economist) 2 April 2025 Incumbent 1 year, 83 days  Economist Lead Economist at World Bank [14][15][16]
66 Shirish Chandra Murmu 9 October 2025 Incumbent 258 days  Career banker [11][12][13]
67 Rohit Jain 4 May 2026 Incumbent 51 days  Career Banker [17]
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References

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