The Central Bank of India also known as the Reserve Bank of India is responsible for governing the monetary policies of India. Under the RBI Act, of 1934, the Reserve Bank of India was established on 1st April 1935, under the “Hilton – Young Commission” recommendation. During its establishment, the RBI was set up as a private bank and was later nationalized on 1st January 1949 after the independence.
The headquarters was situated in Kolkata during the foundation of RBI but eventually transferred to Mumbai in 1937. The Governor is the head of RBI which the Government Of India appoints. Till today, there have been 25 Governors of RBI. Osborne Smith was the First Governor of RBI in 1935 and Sanjay Malhotra is the Current Governor of RBI holding the office since December 12, 2024.
List of Governors of RBI from 1935-2026
The Governor of RBI is the CEO of the Central Bank of India and the Ex-officio Chairman of the Central Board of Directors. The Reserve Bank of India (RBI) issues the Indian note bearing the signature of the Governor of the Reserve Bank of India. The Government of India appoints the Governors of RBI for a term of three years and can be re-elected for the position. Below is the table we have shared the List of Governors of RBI from 1935-2026:
| List of Governors of RBI from 1935-2026 | ||
|
S.N. |
Governor Name |
Tenure |
|
1. |
Sir Osborne Smith |
April 1, 1935 to June 30, 1937 |
|
2. |
Sir James Braid Taylor |
July 1, 1937 to February 17, 1943 |
|
3. |
Sir C. D. Deshmukh |
August 11, 1943 to June 30, 1949 |
|
4. |
Sir Benegal Rama Rau |
July 1, 1949 to 14 January 1957 |
|
5. |
K. G. Ambegaonkar |
January 14, 1957 to 28 February 1957 |
|
6. |
H. V. R. Iyengar |
March 1, 1957 to February 28, 1962 |
|
7. |
P. C. Bhattacharya |
March 1, 1962 to June 30, 1967 |
|
8. |
L. K. Jha |
July 1, 1967 to May 3, 1970 |
|
9. |
B. N. Adarkar |
May 4, 1970 to June 15, 1970 |
|
10. |
S. Jagannathan |
June 16, 1970 to May 19, 1975 |
|
11. |
N. C. Sen Gupta |
May 19, 1975 to August 19, 1975 |
|
12. |
K. R. Puri |
August 20, 1975 to May 2, 1977 |
|
13. |
M. Narasimhan |
May 3, 1977 to November 30, 1977 |
|
14. |
I.G. Patel |
December 1, 1977, to September 15, 1982 |
|
15. |
Manmohan Singh |
September 16, 1982 to January 14, 1985 |
|
16. |
Amitav Ghosh |
January 15, 1985, to February 4, 1985 |
|
17. |
R. N. Malhotra |
February 4, 1985, to December 22, 1990 |
|
18. |
S. Venkatraman |
December 22, 1990 to December 21, 1992 |
|
19. |
C. Rangarajan |
December 22, 1992, to November 21, 1997 |
|
20. |
Bimal Jalan |
November 22, 1997 to September 6, 2003 |
|
21. |
Y. V. Reddy |
September 6, 2003, to September 5, 2008 |
|
22. |
D. Subbarao |
September 5, 2008, to September 4, 2013 |
|
23. |
Raghuram Rajan |
September 4, 2013, to September 4, 2016 |
|
24. |
Urjit Patel |
September 4, 2016, to December 11, 2018 |
|
25 |
Shaktikanta Das |
December 12, 2018, to December 12, 2024 |
|
26. |
Sanjay Malhotra |
December 12, 2024 to Present |
First Governor of RBI
Sir Osborne Smith was appointed as the First RBI Governor of India. As a professional banker he worked at the Bank of New South Wales for 2 decades and in the Commonwealth Bank of Australia for another decade. He became the Managing Governor at the Imperial Bank of India when he returned back to India and left a great impression.
His leadership of the Imperial Bank earned him significant recognition within Indian banking circles. However, his policy perspectives on issues such as exchange rates and interest rates often diverged from those of the Government. As a result, he resigned before completing his three-and-a-half-year term. Notably, Sir Osborne did not sign any banknotes during his tenure.
Current Governor of RBI
As of 2026, Sanjay Malhotra is the current RBI Governor, who is an IAS Officer, belonging to the 1990 Rajasthan Cadre. Presently serving as the 26th Governor of RBI. He has played an important role in shaping India’s finances. He holds a CS degree from IIT Kanpur and Master’s in Public Policy from Princeton University, USA.
Governor of RBI Eligibility Criteria
The position of RBI Governor is offered to civil servants names like C. D. Deshmukh and Bengal Rama Rao. Over a while, the Governor of RBI Eligibility Criteria elaborated, allowing candidates with diverse backgrounds to be considered. Anyone holding a graduate or postgraduate degree, or qualifications can aspire to become the Governor of RBI.
To be eligible to be a RBI Governor, the following eligibility criteria has to be met:
- Has to be a citizen of India.
- Should be in the age group between 40 to 60 years.
- Should have at least 20 years of working experience in a banking, finance, economics or related sector.
- Should have held a senior position in a banking or financial institution.
- Should not be connected or associated with any political party or organisation.
Major RBI Governors Who Strengthened India’s Financial Stability
Raghuram Rajan (2013-2016): Inflation Targeting and Banking Transparency
Raghuram Rajan strengthened India’s financial system during a period of global uncertainty. He introduced a stronger inflation-targeting framework and pushed for greater banking transparency. His efforts to identify Non-Performing Assets (NPAs) improved the health of the banking sector. These reforms helped build a more resilient financial system and restored investor confidence.
Urjit Patel (2016-2018): Monetary Policy Discipline and Banking Reforms
Urjit Patel focused on maintaining macroeconomic stability and controlling inflation. Under his tenure, the Monetary Policy Committee (MPC) became fully operational, improving transparency in interest-rate decisions. He also emphasized bank balance-sheet strengthening and tighter financial sector governance. His policies supported a more disciplined and credible monetary framework.
Shaktikanta Das (2018-2024): Liquidity Support During Crisis
Shaktikanta Das guided the economy through the COVID-19 pandemic and other major challenges. The RBI adopted an accommodative monetary policy and ensured adequate liquidity support for businesses, banks, and borrowers. His tenure also saw strong growth in digital payments and continued efforts toward financial inclusion. These measures helped stabilize markets and support economic recovery.
Sanjay Malhotra (2024-Present): Regulating a Rapidly Evolving Financial Ecosystem
Sanjay Malhotra has brought extensive administrative and financial-management experience to the RBI. His focus has been on maintaining financial-sector stability amid rapid technological and economic change. Current priorities include digital financial infrastructure, cybersecurity, and stronger regulatory oversight. His leadership aims to balance sustainable growth with a secure and modern financial ecosystem.
Last updated on June, 2026
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