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RBI Governors List 2020
The Reserve Bank of India (RBI) is the highest monetary authority of India. Since its establishment in 1935, by the British colonial government, 25 people have worked as the Governor of the Reserve Bank of India so far.
The first Governor of the Reserve Bank of India was British banker Osborn Smith, while C.D. Deshmukh was the first Indian Governor of Reserve Bank of India. At present, the Governor of Reserve Bank of India is Shashikant Das, who took charge on 12 Dec. 2018.
Duties, Roles & Responsibilities of RBI Governor
- Being the head of the most prestigious financial institutions, the RBI governors are responsible for maintaining the monetary stability in an economy. Thus, plays an important role in formulating the policies of Reserve Bank of India.
- The responsibility for issuing licenses to open new foreign and private banks is also headed by the governor of RBI.
- The power to control the interest rates on advances and deposits of the country is vested upon the governors. However, the scope of this power is limited to prescribing minimum lending rates and interest rates on savings accounts.
- The financial system of the nation is regulated and administered by the Governor and he only sets the parameters within which the whole financial system functions.
- The Governor of RBI manages the external trade and payment also promotes orderly development and maintenance of foreign exchange market in India which comes under the foreign exchange management act, 1999.
- Monitoring of adequate quantities of currency notes and coins supply in the country and the issuance and destruction of currency that is not fit for circulation in public.
- RBI Governor also keeps a check on rules and regulations in order to make them more customer-friendly.
- Through Urban Bank Departments RBI governor leads and supervise primary co-operative banks.
- Furthermore, RBI Governor also has a part to play in facilitating and monitoring the flow of credit to small scale industries, rural, and agricultural sectors. The responsibility for regulating state co-operative banks, regional rural banks, and various local area banks.