RBI Governors Eligibility
Initially, RBI Governors were a part of Indian Civil services like C D Deshmukh, Bengal Rama Rao etc. but any individual who holds a Graduate degree/ Post Graduate/ Chartered
Accountant can become a Governor of RBI provided that he had worked in any of the following institutions:
➤ IMF/ World Bank.
➤ Chairman or General Manager of a Bank
.➤ Reputed Financial or Banking organization.
➤ Ministry of Finance (GOI)
Other than the above any citizen who is 35 years or above than that is eligible. He must not be a member of the Parliament/State Legislature also he must not hold any other office for profit.
RBI Governors Appointment
The Governor of RBI is not appointed by the PMO (Prime Minister Office) on the recommendation of the Union Finance Minister.
RBI Governors Tenure
The tenure of an RBI governor as specified in the constitution is three years however it can be extended for two more years. The Governor can be terminated in two cases and they are as follows
:➤ If dismissed by the President.
➤ Resignation is submitted by the Governor to the President
.RBI Governors Responsibilities
Here are some duties which are generally performed by the RBI Governors.
➤ The RBI governors are responsible for maintaining the monetary stability in an economy. Thus, plays an important role in formulating the policies of the 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 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.
The RBI Governors perform many more functions as the central bank of India.
Aspirants of Government exams or any other competitive exams must be well aware of the list of RBI Governors and the time duration they have served the organization. This topic holds relevance for the general awareness section of all types of competitive exams and for the Polity section in the exams.
RBI Governors List from 1935 to 2022- FAQs
Q 1. Who was the first Governor of RBI?
Q 2. Who was the first Indian Governor of RBI?
Q 3. Who is the current RBI Governor?
Q 4. When was RBI established?
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