Deputy Governor of the Reserve Bank of India

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.

The term of office typically runs for three years and can, in some cases, be extended for another two years.

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.

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.

Appointment process The Deputy Governor of RBI is appointed by the Government of India (GoI) 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.

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.

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.

Emolument, accommodation and perquisites The rank of the RBI Deputy Governor is equivalent to the Secretary as per pay-level. 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. The deputy governor is entitled to receive the Dearness allowance (DA), Travel Allowance (TA) and other allowances which are determined by the GoI.

+RBI Deputy Governor monthly pay and allowancesBase Salary as per 7th Pay Commission (Per month)Pay Matrix LevelSourcesPay Level 17

List of deputy governors +List of deputy governors of the Reserve Bank of India Officeholder Portrait Term start Term end Term in office Background Other offices held References1James Braid Taylor1 April 193530 June 1937Civil servantIndian Civil Service officer2Sikandar Hayat Khan1 April 193520 October 1935PoliticianPrime Minister of Punjab3Manilal Balabhai Nanavati21 December 193621 December 1941Freedom fighter4C. D. Deshmukh22 December 194110 October 1943Indian Civil Service officerMinister of Finance5Wajahat Hussain16 August 19434 December 19456C.R. Trevor16 August 194331 December 19497M.G. Mekhri8 July 19467 July 19518W.T. McCallum15 April 194614 July 19489N. Sundaresan1 January 195031 December 195410Ram Nath8 June 19518 July 195911K. G. Ambegaonkar1 March 195529 February 1960Indian Civil Service officerGovernor of the Reserve Bank of India12Borra Venkatappaiah1 July 195528 February 1962Career bankerChairman of the State Bank of India13M.V. Rangachari1 March 196028 February 196514Dattatreya Gopal Karve1 March 196229 February 1964EconomistProfessor at Fergusson University15C.S. Divekar12 November 196211 November 196516M.R. Bhide29 February 196425 January 196717B.K. Madan1 July 196431 January 1967EconomistChairman of IDBI Bank18B. N. Adarkar16 June 19653 May 1970EconomistGovernor of the Reserve Bank of India19A. Bakshi24 January 19678 September 196920J.J. Anjaria1 February 196728 February 197021P.N. Damry13 February 196715 March 1972Economist22Rabindra Kishen Hazari27 November 196926 November 197723V. V. Chari17 November 197030 November 197524S.S. Shiralkar18 December 197025 July 197625R.K. Sheshadri26 July 197325 July 197626K.S. Krishnaswamy29 December 197531 March 1981Economist27P.R. Nangia29 December 197515 February 198228J.C. Luther4 January 19771 June 197729M. Ramakrishnayya4 January 19771 June 1977Indian Administrative Service officerChairman of the National Bank for Agriculture and Rural Development30Amitav Ghosh21 January 198220 January 1992Career bankerGovernor of the Reserve Bank of India31C. Rangarajan12 February 198220 August 1991Career bankerGovernor of the Reserve Bank of India32M.V. Hate12 March 198211 March 198533R.K. Kaul1 October 198330 September 198634P.D. Ojha29 April 198528 April 199035P.R. Nayak1 April 198731 March 199236R. Janakiraman1 April 198731 March 1992Career bankerManaging director of the State Bank of India37S.S. Tarapore30 January 199230 September 1996Career banker38D. R. Mehta11 November 199221 February 1995EconomistChairman of the Securities and Exchange Board of India39S.P. Talwar7 November 199430 June 2001Career banker40R.V. Gupta2 May 199530 November 1997Career banker41Y. V. Reddy14 September 199631 July 2002Career bankerGovernor of the Reserve Bank of India42Jagdish Capoor1 January 199730 June 2001Career bankerChairman of HDFC Bank43Vepa Kamesam1 July 200123 December 2003Career bankerManaging director of the State Bank of India44G P Muniappan1 July 200131 May 2003Career bankerChairman of the Deposit Insurance and Credit Guarantee Corporation45Rakesh Mohan9 September 200210 June 2009EconomistConsultant at the Planning Commission46K J Udeshi10 June 200312 December 2005Career bankerChairman of Bharatiya Reserve Bank Note Mudran47V Leeladhar21 September 20048 December 2008Career bankerChairman of Union Bank of India48Shyamala Gopinath21 September 20048 December 2008Career bankerChairman of HDFC Bank49Usha Thorat10 November 20059 November 2010Career banker50Kamalesh Chandra Chakrabarty15 June 200925 April 2014Career bankerChairman of Bank of Baroda51Subir Gokarn24 November 200931 December 2012EconomistProfessor at Stanford University52Anand Sinha19 January 201118 January 2014Career bankerChairman of the Export Credit Guarantee Corporation of India53Harun Rashid Khan4 July 20114 July 2016Career bankerChairman of the National Bank for Agriculture and Rural Development54Urjit Patel11 January 20134 September 2016Career bankerGovernor of the Reserve Bank of India55R Gandhi3 April 20142 April 2017Career banker56Subhash Sheoratan Mundra31 July 201430 July 2017Career banker57Viral Acharya23 January 201723 January 2019Career banker58N. S. Vishwanathan4 July 201631 March 2020Career banker59B.P. Kanungo3 April 20172 April 2021Career banker60Mahesh Kumar Jain22 June 201826 June 2023Career banker61Michael Patra15 January 202014 January 2025Career banker62M. Rajeshwar Rao9 October 20208 October 2025Career banker63T. Rabi Sankar3 May 20213 May 2026Career banker64Swaminathan Janakiraman26 June 2023IncumbentCareer bankerManaging Director of the State Bank of India65Poonam Gupta 2 April 2025IncumbentEconomistLead Economist at World Bank 66Shirish Chandra Murmu9 October 2025IncumbentCareer banker67Rohit Jain4 May 2026IncumbentCareer Banker

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