RBI Governor List of India: Past and Present Governors of Reserve Bank of India

The RBI Governor list of India highlights the distinguished leaders who have shaped India’s monetary policy and financial stability since 1935. From the first Governor Sir Osborne Smith to the present Governor Sanjay Malhotra (2024–Present), each tenure has played a vital role in building a strong financial system. The RBI Governor heads the central board of directors and is responsible for framing India’s monetary policy.

Key Highlights:

• 26 individuals have served as RBI Governors from 1935 to the present.
• Governors are appointed by the Government of India for a term of three years which is extendable.
• Each RBI Governor is supported by four Deputy Governors to manage diverse functions.

What is the RBI Governor List of India?

The RBI Governor list of India is the complete record of all past and present Governors of the Reserve Bank of India since its establishment in 1935. It provides insights into the individuals who directed the nation’s monetary policy, banking reforms, and inflation control strategies. 

List of RBI Governors

Here is the complete RBI Governors list of India from 1935 to 2024:

Key Contributors to India’s Financial Stability

1. Raghuram Rajan (2013–2016)
Rajan focused on stabilizing India’s economy during global volatility. His reforms had strengthened inflation targeting and banking transparency.

2. Urjit Patel (2016–2018)
Known for tightening the monetary policy framework, Patel had worked to bring inflation under control and took critical steps in banking sector reforms.

3. Shaktikanta Das (2018–2024)
Das ensured liquidity support, accommodative monetary policy, and regulatory stability while navigating the economy through COVID-19 and other fiscal challenges. 

4. Sanjay Malhotra (2024–Present)
Malhotra brings administrative experience and fresh perspectives as he oversees the RBI’s role in a fast-evolving financial ecosystem.

These RBI Governors  expertise and leadership have been instrumental in shaping India's economic and financial landscape, making the RBI Governors' list an illustrious one in the country's history.

First Governor of RBI

Name: Sir Osborne Smith
Tenure: April 1, 1935 – June 30, 1937
Background: British banker and economist.
Legacy: Laid the foundation for the RBI’s monetary policy and regulatory systems during colonial India.
Significance: Set up the initial structure of the central bank and defined its early role in India’s financial landscape.

First Indian Governor of RBI

Name: C.D. Deshmukh
Tenure: August 11, 1943 – June 30, 1949
Background: Indian economist and civil servant.
Legacy: Maintained monetary stability during World War II and steered the RBI through India’s independence.
Significance: Marked the transition to Indian leadership in the financial sector and contributed to post-independence economic planning.

Present Governor of RBI

Name: Sanjay Malhotra
Tenure: December 11, 2024 – Present
Background: IAS officer (1990 batch, Rajasthan Cadre); Computer Science graduate from IIT Kanpur; Master’s in Public Policy from Princeton
Legacy: Yet to be fully defined; known for a strong focus on financial governance and public interest.
Significance: Represents a modern, administrative approach to RBI leadership with deep expertise in public finance and policymaking.

The RBI Governors list of India reflects the evolution of India’s monetary policy and financial governance from the colonial era to the modern digital economy. With leaders ranging from eminent economists to seasoned administrators, the RBI has ensured stability through changing global and domestic challenges.

Related Articles
Finance Ministers List of India