This website uses cookies to improve your experience while you navigate through the website. Dr. Urjit R. Patel assumed charge as the twenty-fourth Governor of the Reserve Bank of India effective September 4, 2016 after serving as Deputy Governor since January 2013. In the early part of 1991, up to April-May, when the crisis deepened — marked by Indian banks even being denied overnight borrowings from abroad, Non Resident Indians withdrawing deposits and a downgrade by global credit rating agencies — it wasn’t just Finance Minister Yashwant Sinha and his team in Delhi which was on the job. He served for a period of 2 years, from 1990 to 1992. Another 47 tonnes of gold raised $ 400 million and subsequent measures by a new government led by Narasimha Rao marked an end to crisis management and fire fighting then. Hope and Pray he doesn't make RBI also a History," said Jaynarayan Vyas ... Like in 1991… RBI was conceptualised as per the guidelines,working style and outlook presented by Dr. B. R. Ambedkar in his book titled "The Problem of Rupee - Its origin and its solutions" and presented to the Hilton Young Commission. By the time the committee completed its interim report, however, the Congress lost power in the 1989 elections. 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 Indian note issued by the Reserve Bank of India is signed by the Governor of the RBI. vertical-align: -0.1em !important; Cl2o6+no2 Gives Rise To, Sesame Ginger Broccoli Salad Hannaford, He further said that unlike in 1991, when the country faced a balance of payments crisis, today India has resources as well as forex reserves to deal with … Reddy once joked: “Yes I am independent and the RBI is an autonomous institution. " /> In 1985, RN Malhotra of the IAS took charge at the RBI and was followed by S Venkitaramanan, who served for two years and played an instrumental role during the 1991 crisis. New Delhi: The ongoing differences between the Reserve Bank of India (RBI) and the government may take a serious turn now. January 15, 1985, to February 4, 1985) The salary of an RBI governor is INR 2.5 lakhs (per month) Any attempt to seek a loan would certainly have created a political uproar those days, given the ‘sell-out-of-national-interests’ perception attached to such assistance and the conditions which lenders such as the IMF imposed on borrowers. 1st July 1949 to 14th January 1957) RBI governor with the shortest term is Amitabh Ghosh (20 days. That was the year in which the RBI also wound down the FCNR-A scheme and saw $2.4 billion in outflows under that. The Reserve Bank of India, headed by Governor Shaktikanta Das, can have a maximum of four deputy governors. RBI Governor Shaktikanta Das announced that these measures will help in the improvement of secondary market activities and also help with rationalizing the spreads of SDLs over securities of the Central government of comparable maturities. (b.addEventListener("DOMContentLoaded",g,!1),a.addEventListener("load",g,!1)):(a.attachEvent("onload",g),b.attachEvent("onreadystatechange",function(){"complete"===b.readyState&&c.readyCallback()})),f=c.source||{},f.concatemoji?e(f.concatemoji):f.wpemoji&&f.twemoji&&(e(f.twemoji),e(f.wpemoji)))}(window,document,window._wpemojiSettings); (7 years. Modern Aggro Zoo, File photo | Photo Credit: PTI The Central Board met under the chairmanship of Governor Shaktikanta Das through video conferencing. Osborn Smith was the first RBI governor and the first to resign from his post. .woocommerce-product-gallery{ opacity: 1 !important; } Patel, the 24th RBI Governor, will serve a three-year term with effect from September 4. S Venkitaramanan was the eighteenth Governor of the Reserve Bank of India. Back in Tamil Nadu, where he began his career, he promoted many of the corporations and institutions when he was just a deputy secretary — relatively low down in the pecking order. Thus, he is also the first Governor of RBI who resigned before completion of his term. The RBI Governors are appointed by the government of India for a fixed time period and not elected. The Present Governor of RBI is Shaktikanta Das,he took charge on 12th December 2018 and acting till date. Venkitaramanan, who had finished his civil service career by 1990, moved on to Karnataka as an adviser to the Governor during President’s rule there, before taking over as the Governor of the Reserve Bank of India in December 1992 — an appointment that came on the back of Rajiv Gandhi’s support whose backing was critical for the survival of the then Chandra Shekhar government. The Current India is not a government platform. window._wpemojiSettings = {"baseUrl":"https:\/\/s.w.org\/images\/core\/emoji\/2\/72x72\/","ext":".png","svgUrl":"https:\/\/s.w.org\/images\/core\/emoji\/2\/svg\/","svgExt":".svg","source":{"concatemoji":"http:\/\/www.canadian-horizons.ca\/wp-includes\/js\/wp-emoji-release.min.js?ver=4.6.20"}}; The Bank for International Settlements or BIS — the central bank of central banks — wouldn’t help saying India wasn’t a member while many other central banks and global lenders weren’t willing to risk their money given the then experience of debt-ridden countries such as Mexico. height: 1em !important; "The New RBI Governor Das's educational qualification is MA (History). 12,000 Btu Air Conditioner Near Me, He will succeed Raghuram Rajan. display: inline !important; Sir Osborne Smith was the first Governor of the Reserve Bank. So far 24 people have worked as RBI Governor of India. That could be yet another lasting contribution of Raghuram Rajan, the current governor. Benchmarks Nifty 11,073.45 -28.7 * The moderation of comments is automated and not cleared manually by, Copyright © 2020 The Indian Express [P] Ltd. All Rights Reserved, In fact: RBI head and crisis manager during 1991 BOP turmoil, 10 landmark global events that shaped the year, India's economy in 2020: Year of many questions, Compassion to selflessness, the biggest lessons, A glossary of words this strange year threw up, TikTok to PUBG Mobile, all the apps that stopped working in India, The shows that thrilled, entertained and comforted us, Health and science lessons from the pandemic, 2020 was a year of struggle, innovation for teachers, Despite a pandemic, these were the most bizarre stories of 2020, https://images.indianexpress.com/2020/08/1x1.png, here to join our channel (@indianexpress). A professional banker, he served for over 20 years with the Bank of New South Wales and 10 years with the Commonwealth Bank of Australia before coming to India in 1926 as a Managing Governor of the Imperial Bank of India. } That was when Venkitaramanan, after a mid-week discussion with his officials, got on the phone with his counterpart in the Bank of Japan and quickly fixed an appointment for Saturday. img.emoji { Venkitaramanan’s advice essentially was that the economy was vulnerable and therefore, the political leadership ought to consider approaching multi-lateral lenders such as the International Monetary Fund for assistance or a loan. It is mandatory to procure user consent prior to running these cookies on your website. What they are referring to is the period from 1984 to 1988/89, when the government followed an expansionary policy, which boosted growth but led to the crisis. Ai Wifi Camera, The Indian note issued by the Reserve Bank of India is signed by the Governor of the RBI. Name Tenure M. Rajeshwar Rao: 09.10.2020 onwards: Dr. M. D. Patra: 15.01.2020 onwards: M. K. Jain: 22.06.2018 onwards: B.P. Speaking at an event organised by Ananla Aspen Centre, Mohan said increasing tax rate is … 12,000 Btu Air Conditioner Near Me, !function(a,b,c){function d(a){var c,d,e,f,g,h=b.createElement("canvas"),i=h.getContext&&h.getContext("2d"),j=String.fromCharCode;if(!i||!i.fillText)return!1;switch(i.textBaseline="top",i.font="600 32px Arial",a){case"flag":return i.fillText(j(55356,56806,55356,56826),0,0),! 19th Governor of Reserve Bank of India; In office 22 December 1992 – 21 November 1997: Preceded by: S. Venkitaramanan: Succeeded by: Bimal Jalan: Member of Planning Commission of Government of India; In office 21 August 1991 – 21 December 1992: Deputy Governor of Reserve Bank of India; In office 12 February 1982 – 20 August 1991: Governor: Manmohan Singh (Address by Shri Shaktikanta Das, Governor, Reserve Bank of India - September 16, 2020 - at the FICCI’s National Executive Committee Meeting) Thank you for this opportunity to interact with eminent business leaders of India and distinguished members of the FICCI. It … Modern Aggro Zoo, For all the latest Explained News, download Indian Express App. HIGHLIGHTS. 1999 Foreign Exchange Management Act, 1999 replaces FERA, 1973 with the objective of 'facilitating external trade and payments' and 'promoting the orderly development and maintenance of foreign exchange market in India'. The Governor of Reserve Bank of India is the Chief Executive Officer of the Central Bank of India and the Ex-officio Chairman of its Central Board of Directors. 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