The RBI Governors list is one of the most tested topics in Banking, RBI Grade B, NABARD, SEBI, SSC CGL, and UPSC General Studies exams.
The Reserve Bank of India, established on 1 April 1935, has had 26 Governors — starting with Sir Osborne Smith (an Australian banker) and leading to Sanjay Malhotra, who became the 26th Governor in December 2024. This page gives you a complete, updated list of all RBI Governors with their tenures, notable firsts, landmark decisions, and exam-critical facts for focused, confident revision.
⚡ Quick Facts
- The RBI was established on 1 April 1935 under the Reserve Bank of India Act, 1934 — and was nationalised on 1 January 1949.
- Sir Osborne Smith was the first Governor of the RBI (1935–1937) — an Australian banker; C.D. Deshmukh was the first Indian Governor (1943–1949).
- Benegal Rama Rau (1949–1957) had the longest tenure as RBI Governor — approximately 7 years and 7 months.
- Sanjay Malhotra became the 26th Governor of the RBI in December 2024, succeeding Shaktikanta Das.
- The RBI Governor is appointed by the Central Government (not by the President) under Section 8(1)(a) of the RBI Act, 1934.
Students often confuse Sir Osborne Smith (first Governor of RBI — Australian) with C.D. Deshmukh (first Indian Governor). Also frequently confused: Manmohan Singh was the 15th RBI Governor (1982–85) — NOT the first or most recent. He is tested for his triple distinction: RBI Governor → Finance Minister → Prime Minister. Another trap: the RBI Governor is appointed by the Central Government, not by the President of India.
✅ My Progress Tracker
🏦 RBI Governors of India — Complete List
| # ↕ | Governor ↕ | Tenure | Nationality | Notable Contribution / Key Exam Fact |
|---|---|---|---|---|
| 1 | Sir Osborne Smith | 1 Apr 1935 – 30 Jun 1937 | Australian | First Governor of RBI; set up foundational monetary framework |
| 2 | Sir James Braid Taylor | 1 Jul 1937 – 17 Feb 1943 | British | Led RBI through World War II financing challenges |
| 3 | C.D. Deshmukh (Chintaman Dwarkanath Deshmukh) | 11 Aug 1943 – 30 Jun 1949 | Indian | First Indian Governor of RBI; later Finance Minister of India |
| 4 | Benegal Rama Rau | 1 Jul 1949 – 14 Jan 1957 | Indian | Longest-serving Governor (~7.5 years); resigned after conflict with Finance Minister T.T. Krishnamachari |
| 5 | K.G. Ambegaokar | 14 Jan 1957 – 28 Feb 1957 | Indian | Brief acting tenure — 45 days; served between Benegal Rama Rau and H.V.R. Iengar |
| 6 | H.V.R. Iengar (Hari Vishnu Rama Iengar) | 1 Mar 1957 – 28 Feb 1962 | Indian | Oversaw first Five-Year Plan monetary policy; former ICS officer |
| 7 | P.C. Bhattacharyya | 1 Mar 1962 – 30 Jun 1967 | Indian | Oversaw monetary expansion during India’s wars (1962 China, 1965 Pakistan) |
| 8 | L.K. Jha (Lakshmi Kant Jha) | 1 Jul 1967 – 3 May 1970 | Indian | Later Governor of J&K; key international monetary reform advocate |
| 9 | B.N. Adarkar | 4 May 1970 – 15 Jun 1970 | Indian | Very brief tenure; served as acting governor |
| 10 | S. Jagannathan | 16 Jun 1970 – 19 May 1975 | Indian | Oversaw oil shock monetary management; India’s IMF representative later |
| 11 | N.C. Sen Gupta | 19 May 1975 – 19 Aug 1975 | Indian | Very brief tenure; acting governor |
| 12 | K.R. Puri | 20 Aug 1975 – 2 May 1977 | Indian | Oversaw Emergency period monetary policy; bank nationalisation consolidation |
| 13 | M. Narasimham | 3 May 1977 – 30 Nov 1977 | Indian | Later chaired landmark Narasimham Committee (1991 & 1998) on banking reform |
| 14 | I.G. Patel (Indraprasad Gordhanbhai Patel) | 1 Dec 1977 – 15 Sep 1982 | Indian | Led RBI during gold seizure (1981); reduced deficit financing; respected globally |
| 15 | Manmohan Singh | 16 Sep 1982 – 14 Jan 1985 | Indian | Only RBI Governor to become Prime Minister (2004–2014); also Finance Minister (1991) |
| 16 | A. Ghosh (Amitav Ghosh) | 15 Jan 1985 – 4 Feb 1985 | Indian | Shortest-serving Governor — only 20 days; served as acting governor |
| 17 | R.N. Malhotra | 4 Feb 1985 – 22 Dec 1990 | Indian | Led Malhotra Committee on insurance sector reform (1993) after retirement |
| 18 | S. Venkitaramanan | 22 Dec 1990 – 21 Dec 1992 | Indian | Led RBI during 1991 BoP crisis; IMF gold pledge (67 tonnes); key liberalisation period |
| 19 | C. Rangarajan | 22 Dec 1992 – 21 Nov 1997 | Indian | Liberalisation-era Governor; introduced inflation targeting concepts; later Chairman of PMEAC |
| 20 | Bimal Jalan | 22 Nov 1997 – 6 Sep 2003 | Indian | Led RBI through Asian Financial Crisis (1997) and Kargil War; Bimal Jalan Committee (2018) on RBI reserves |
| 21 | Y.V. Reddy | 6 Sep 2003 – 5 Sep 2008 | Indian | Kept India largely shielded from 2008 global financial crisis through conservative monetary policy |
| 22 | D. Subbarao | 5 Sep 2008 – 4 Sep 2013 | Indian | Managed post-2008 financial crisis recovery; introduced new monetary policy framework discussions |
| 23 | Raghuram Rajan | 4 Sep 2013 – 4 Sep 2016 | Indian | Former IMF Chief Economist; introduced inflation targeting (MPC system); cleaned up bank NPAs |
| 24 | Urjit Patel | 4 Sep 2016 – 10 Dec 2018 | Indian | Led RBI during demonetisation (Nov 2016); resigned before term completion |
| 25 | Shaktikanta Das | 12 Dec 2018 – 11 Dec 2024 | Indian | Managed COVID-19 monetary response; cut repo rate to historic lows; extended twice — 6-year total tenure |
| 26 | Sanjay Malhotra | 11 Dec 2024 – present | Indian | 26th & current Governor; former Revenue Secretary; growth-oriented monetary policy focus |
⚖️ Compare Two Governors
📝 Key Notes & Memory Tips
- First Governor of RBI: Sir Osborne Smith (Australian, 1935)
- First Indian Governor: C.D. Deshmukh (1943) — also later Finance Minister of India
- Longest-serving Governor: Benegal Rama Rau (~7.5 years, 1949–1957)
- Shortest-serving Governor: Amitav Ghosh (20 days, Jan–Feb 1985) — acting governor
- Only RBI Governor to become Prime Minister: Manmohan Singh (Governor 1982–85; PM 2004–2014)
- Most internationally recognised Governor: Raghuram Rajan — former IMF Chief Economist
- Current Governor (2026): Sanjay Malhotra (26th, since December 2024)
India came close to defaulting on its international debt. Governor S. Venkitaramanan pledged 67 tonnes of gold to the IMF and Bank of England to raise emergency foreign exchange. This directly triggered India’s economic liberalisation — the New Economic Policy of 1991 — under Finance Minister Manmohan Singh and PM Narasimha Rao. The gold pledge is a frequently tested fact in Banking and UPSC Economy questions.
Manmohan Singh served as the 15th RBI Governor (September 1982 – January 1985) before becoming Finance Minister (1991) and later Prime Minister (2004–2014). He is the only person in Indian history to have served as RBI Governor, Finance Minister, and Prime Minister — making him one of the most tested individuals in Indian economic GK.
Raghuram Rajan (23rd Governor, 2013–2016) is the only RBI Governor who previously served as Chief Economist and Economic Counsellor of the IMF. He introduced the formal inflation targeting framework (MPC system under the amended RBI Act). He chose not to seek a second term in 2016. Urjit Patel (24th Governor) resigned in December 2018 — the only clear mid-term resignation since Benegal Rama Rau in 1957.
Shaktikanta Das (25th Governor, 2018–2024) served 6 full years — extended twice — managing COVID-19 monetary relief and record repo rate cuts (to 4%). He was replaced by Sanjay Malhotra (IAS, Revenue Secretary) in December 2024. Malhotra’s appointment as a bureaucrat rather than an economist was a notable talking point in financial circles.
“Osborne Started, Deshmukh Indianised, Rama Rau Stayed Longest”
O = Sir Osborne Smith (First Governor, Australian) | D = C.D. Deshmukh (First Indian Governor) | R = Benegal Rama Rau (Longest tenure)
Manmohan Singh Mnemonic — “RBI → Finance → PM”
RBI Governor (1982–85) → Finance Minister (1991) → Prime Minister (2004–2014)
🃏 Flashcards
Click a card to flip · Use arrows to navigate
🧩 Practice Quiz
5 questions · Answer all · Check your score
C.D. Deshmukh (Chintaman Dwarkanath Deshmukh) was the first Indian to serve as Governor of the RBI, from 11 August 1943 to 30 June 1949. Appointed during British rule, he continued after Independence and later served as Finance Minister of India (1950–1956).
Manmohan Singh served as the 15th RBI Governor from September 1982 to January 1985. He later became Finance Minister of India (1991), credited with initiating India’s liberalisation reforms, and then served as Prime Minister from 2004 to 2014. He is the only person to have held all three positions — RBI Governor, Finance Minister, and Prime Minister.
Y.V. Reddy (21st Governor, 2003–2008) is credited with protecting India from the worst of the 2008 global financial crisis through conservative monetary and banking policies — restricting banks’ exposure to risky assets and maintaining high reserve requirements. His tenure ended in September 2008, just as the Lehman Brothers collapse triggered the global crisis.
The Reserve Bank of India was established on 1 April 1935 under the Reserve Bank of India Act, 1934. It was initially privately owned and was nationalised on 1 January 1949 under the Reserve Bank of India (Transfer to Public Ownership) Act, 1948.
Sanjay Malhotra became the 26th Governor of the Reserve Bank of India on 11 December 2024, succeeding Shaktikanta Das who served for 6 years (2018–2024). Malhotra is a 1990-batch IAS officer from the Rajasthan cadre, previously serving as Revenue Secretary in the Ministry of Finance.
✅ Key Takeaways
❓ Frequently Asked Questions
Sanjay Malhotra is the current (26th) Governor of the Reserve Bank of India, having assumed office on 11 December 2024. He succeeded Shaktikanta Das, who served for six years from December 2018 to December 2024. Malhotra is a 1990-batch IAS officer from the Rajasthan cadre and previously served as Revenue Secretary in the Union Ministry of Finance.
C.D. Deshmukh (Chintaman Dwarkanath Deshmukh) was the first Indian Governor of the RBI, serving from 11 August 1943 to 30 June 1949. Appointed while India was still under British rule, he continued as Governor after Independence and played a key role in navigating the post-Independence economic transition, including the nationalisation of the RBI on 1 January 1949. He subsequently served as Finance Minister of India from 1950 to 1956.
The RBI Governor is appointed by the Central Government of India (not the President) under Section 8(1)(a) of the Reserve Bank of India Act, 1934. There is no constitutionally fixed term — the Governor’s tenure is determined by the terms of their appointment, typically three years, and is extendable by the government. The Governor can be removed by the Central Government before completion of their term. Unlike constitutional offices, this appointment is an executive decision of the Union Cabinet and does not require Presidential or Parliamentary confirmation.
The RBI Governors list is tested heavily in Banking Awareness sections of IBPS PO/Clerk, SBI PO/Clerk, RBI Grade B, NABARD, SEBI, LIC AAO, and SSC CGL exams, as well as UPSC GS Paper III (Economy). Key tested facts include the RBI’s establishment date (1 April 1935), nationalisation date (1 January 1949), first Governor (Sir Osborne Smith), first Indian Governor (C.D. Deshmukh), longest-serving Governor (Benegal Rama Rau), Manmohan Singh’s triple role, Y.V. Reddy’s management of the 2008 crisis, Raghuram Rajan’s IMF background, the 1991 gold pledge under Venkitaramanan, and the current Governor (Sanjay Malhotra, 2024–present).
