Deputy Governor of the Reserve Bank of India

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Last edited May 2, 2026


Template:Infobox official post

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.[1]

The term of office typically runs for three years and can, in some cases, be extended for another two years.[2]

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.[3]

Currently there are four incumbent deputy governors of the Reserve Bank of India, they are: T. Rabi Sankar, Swaminathan Janakiraman, Poonam Gupta, and Shirish Chandra Murmu.[4]

Appointment process

The Deputy Governor of RBI is appointed by the Government of India 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.[5]

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.[6]

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.[7]

Emolument, accommodation and perquisites

The rank of the RBI Deputy Governor is equivalent to the Secretary as per pay-level.[8] 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. Although the Dearness allowance (DA), Travel Allowance (TA) and other allowances are determined by the RBI.[9]
RBI Deputy Governor monthly pay and allowances
Base Salary as per 7th Pay Commission (Per month) Pay Matrix Level Sources
Template:INRConvert Pay Level 17 [10]

List of deputy governors

List of deputy governors of the Reserve Bank of India
Template:Abbr Officeholder Portrait Term start Term end Term in office Background Other offices held References
1 James Braid Taylor File:Sir James Braid Taylor.jpg 1 April 1935 30 June 1937 Template:AydTemplate:Nbsp Civil servant Indian Civil Service officer [11][12][13]
2 Sikandar Hayat Khan File:Sir Sikandar Hayat Khan.png 1 April 1935 20 October 1935 Template:AydTemplate:Nbsp Politician Prime Minister of Punjab
 [11][12][13]
3 Manilal Balabhai Nanavati 21 December 1936 21 December 1941 Template:AydTemplate:Nbsp Freedom fighter [11][12][13]
4 C. D. Deshmukh File:CD Deshmukh crop.jpg 22 December 1941 10 October 1943 Template:AydTemplate:Nbsp Indian Civil Service officer Minister of Finance [11][12][13]
5 Wajahat Hussain 16 August 1943 4 December 1945 Template:AydTemplate:Nbsp [11][12][13]
6 C.R. Trevor 16 August 1943 31 December 1949 Template:AydTemplate:Nbsp [11][12][13]
7 M.G. Mekhri 8 July 1946 7 July 1951 Template:AydTemplate:Nbsp [11][12][13]
8 W.T. McCallum 15 April 1946 14 July 1948 Template:AydTemplate:Nbsp [11][12][13]
9 N. Sundaresan 1 January 1950 31 December 1954 Template:AydTemplate:Nbsp [11][12][13]
10 Ram Nath 8 June 1951 8 July 1959 Template:AydTemplate:Nbsp [11][12][13]
11 K. G. Ambegaonkar 1 March 1955 29 February 1960 Template:AydTemplate:Nbsp Indian Civil Service officer Governor of the Reserve Bank of India [11][12][13]
12 Borra Venkatappaiah 1 July 1955 28 February 1962 Template:AydTemplate:Nbsp Career banker Chairman of the State Bank of India [11][12][13]
13 M.V. Rangachari 1 March 1960 28 February 1965 Template:AydTemplate:Nbsp [11][12][13]
14 Dattatreya Gopal Karve 1 March 1962 29 February 1964 Template:AydTemplate:Nbsp Economist Professor at Fergusson University
 [11][12][13]
15 C.S. Divekar 12 November 1962 11 November 1965 Template:AydTemplate:Nbsp [11][12][13]
16 M.R. Bhide 29 February 1964 25 January 1967 Template:AydTemplate:Nbsp [11][12][13]
17 B.K. Madan 1 July 1964 31 January 1967 Template:AydTemplate:Nbsp Economist Chairman of IDBI Bank [11][12][13]
18 B. N. Adarkar 16 June 1965 3 May 1970 Template:AydTemplate:Nbsp Economist Governor of the Reserve Bank of India [11][12][13]
19 A. Bakshi 24 January 1967 8 September 1969 Template:AydTemplate:Nbsp [11][12][13]
20 J.J. Anjaria 1 February 1967 28 February 1970 Template:AydTemplate:Nbsp [11][12][13]
21 P.N. Damry 13 February 1967 15 March 1972 Template:AydTemplate:Nbsp Economist [11][12][13]
22 Rabindra Kishen Hazari 27 November 1969 26 November 1977 Template:AydTemplate:Nbsp [11][12][13]
23 V. V. Chari 17 November 1970 30 November 1975 Template:AydTemplate:Nbsp [11][12][13]
24 S.S. Shiralkar 18 December 1970 25 July 1976 Template:AydTemplate:Nbsp [11][12][13]
25 R.K. Sheshadri 26 July 1973 25 July 1976 Template:AydTemplate:Nbsp [11][12][13]
26 K.S. Krishnaswamy 29 December 1975 31 March 1981 Template:AydTemplate:Nbsp Economist [11][12][13]
27 P.R. Nangia 29 December 1975 15 February 1982 Template:AydTemplate:Nbsp [11][12][13]
28 J.C. Luther 4 January 1977 1 June 1977 Template:AydTemplate:Nbsp [11][12][13]
29 M. Ramakrishnayya 4 January 1977 1 June 1977 Template:AydTemplate:Nbsp Indian Administrative Service officer Chairman of the National Bank for Agriculture and Rural Development [11][12][13]
30 Amitav Ghosh 21 January 1982 20 January 1992 Template:AydTemplate:Nbsp Career banker Governor of the Reserve Bank of India [11][12][13]
31 C. Rangarajan 12 February 1982 20 August 1991 Template:AydTemplate:Nbsp Career banker Governor of the Reserve Bank of India [11][12][13]
32 M.V. Hate 12 March 1982 11 March 1985 Template:AydTemplate:Nbsp [11][12][13]
33 R.K. Kaul 1 October 1983 30 September 1986 Template:AydTemplate:Nbsp [11][12][13]
34 P.D. Ojha 29 April 1985 28 April 1990 Template:AydTemplate:Nbsp [11][12][13]
35 P.R. Nayak 1 April 1987 31 March 1992 Template:AydTemplate:Nbsp [11][12][13]
36 R. Janakiraman 1 April 1987 31 March 1992 Template:AydTemplate:Nbsp Career banker Managing director of the State Bank of India [11][12][13]
37 S.S. Tarapore 30 January 1992 30 September 1996 Template:AydTemplate:Nbsp Career banker [11][12][13]
38 D. R. Mehta 11 November 1992 21 February 1995 Template:AydTemplate:Nbsp Economist Chairman of the Securities and Exchange Board of India [11][12][13]
39 S.P. Talwar 7 November 1994 30 June 2001 Template:AydTemplate:Nbsp Career banker [11][12][13]
40 R.V. Gupta 2 May 1995 30 November 1997 Template:AydTemplate:Nbsp Career banker [11][12][13]
41 Y. V. Reddy 14 September 1996 31 July 2002 Template:AydTemplate:Nbsp Career banker Governor of the Reserve Bank of India [11][12][13]
42 Jagdish Capoor 1 January 1997 30 June 2001 Template:AydTemplate:Nbsp Career banker Chairman of HDFC Bank [11][12][13]
43 Vepa Kamesam 1 July 2001 23 December 2003 Template:AydTemplate:Nbsp Career banker Managing director of the State Bank of India [11][12][13]
44 G P Muniappan 1 July 2001 31 May 2003 Template:AydTemplate:Nbsp Career banker Chairman of the Deposit Insurance and Credit Guarantee Corporation [11][12][13]
45 Rakesh Mohan 9 September 2002 10 June 2009 Template:AydTemplate:Nbsp Economist Consultant at the Planning Commission [11][12][13]
46 K J Udeshi 10 June 2003 12 December 2005 Template:AydTemplate:Nbsp Career banker Chairman of Bharatiya Reserve Bank Note Mudran [11][12][13]
47 V Leeladhar 21 September 2004 8 December 2008 Template:AydTemplate:Nbsp Career banker Chairman of Union Bank of India [11][12][13]
48 Shyamala Gopinath 21 September 2004 8 December 2008 Template:AydTemplate:Nbsp Career banker Chairman of HDFC Bank [11][12][13]
49 Usha Thorat 10 November 2005 9 November 2010 Template:AydTemplate:Nbsp Career banker [11][12][13]
50 Kamalesh Chandra Chakrabarty 15 June 2009 25 April 2014 Template:AydTemplate:Nbsp Career banker Chairman of Bank of Baroda [11][12][13]
51 Subir Gokarn 24 November 2009 31 December 2012 Template:AydTemplate:Nbsp Economist Professor at Stanford University [11][12][13]
52 Anand Sinha 19 January 2011 18 January 2014 Template:AydTemplate:Nbsp Career banker Chairman of the Export Credit Guarantee Corporation of India [11][12][13]
53 Harun Rashid Khan 4 July 2011 4 July 2016 Template:AydTemplate:Nbsp Career banker Chairman of the National Bank for Agriculture and Rural Development [11][12][13]
54 Urjit Patel 11 January 2013 4 September 2016 Template:AydTemplate:Nbsp Career banker Governor of the Reserve Bank of India [11][12][13]
55 R Gandhi 3 April 2014 2 April 2017 Template:AydTemplate:Nbsp Career banker [11][12][13]
56 Subhash Sheoratan Mundra 31 July 2014 30 July 2017 Template:AydTemplate:Nbsp Career banker [11][12][13]
57 Viral Acharya 23 January 2017 23 January 2019 Template:AydTemplate:Nbsp Career banker [11][12][13]
58 N. S. Vishwanathan 4 July 2016 31 March 2020 Template:AydTemplate:Nbsp Career banker [11][12][13]
59 B.P. Kanungo 3 April 2017 2 April 2021 Template:AydTemplate:Nbsp Career banker [11][12][13]
60 Mahesh Kumar Jain 22 June 2018 26 June 2023 Template:AydTemplate:Nbsp Career banker [11][12][13]
61 Michael Patra File:Michael Patra RBI.jpg 15 January 2020 14 January 2025 Template:AydTemplate:Nbsp Career banker [11][12][13]
62 M. Rajeshwar Rao 9 October 2020 8 October 2025 Template:AydTemplate:Nbsp Career banker [11][12][13]
63 T. Rabi Sankar 3 May 2021 Incumbent Template:AydTemplate:Nbsp Career banker [11][12][13]
64 Swaminathan Janakiraman 26 June 2023 Incumbent Template:AydTemplate:Nbsp Career banker Managing Director of the State Bank of India [11][12][13]
65 Poonam Gupta (Economist) 2 April 2025 Incumbent Template:AydTemplate:Nbsp Economist Lead Economist at World Bank [14][15][16]
66 Shirish Chandra Murmu 9 October 2025 Incumbent Template:AydTemplate:Nbsp Career banker [11][12][13]

References

  1. ↑ Move to change RBI governor ranking. Business Standard(21 August 2016). Retrieved 2 May 2026.
  2. ↑ Rohit Jain appointed RBI deputy governor for three-year term. The Economic Times(2 May 2026). Retrieved 2 May 2026.
  3. ↑ Deputy Governors. Reserve Bank of India. Retrieved 2 May 2026.
  4. ↑ Shirish Chandra Murmu appointed as Deputy Governor of the RBI. ET Edge Insights. Retrieved 2 May 2026.
  5. ↑ Government appoints S C Murmu as RBI Deputy Governor. The Hindu(29 September 2025). Retrieved 2 May 2026.
  6. ↑ RBI announces new portfolio distribution among deputy governors. CNBC TV18. Retrieved 2 May 2026.
  7. ↑ RBI announces portfolios for deputy governors: Here's who handles what. The Economic Times(2 May 2025). Retrieved 2 May 2026.
  8. ↑ Government invites applications for RBI deputy governor. The Hindu. Retrieved 2 May 2026.
  9. ↑ Army Pay Rules, 2017(May 3, 2017). Retrieved September 24, 2017.
  10. ↑ Report of the 7th Central Pay Commission of India. Seventh Central Pay Commission, Government of India. Retrieved August 13, 2017.
  11. ↑ 11.00 11.01 11.02 11.03 11.04 11.05 11.06 11.07 11.08 11.09 11.10 11.11 11.12 11.13 11.14 11.15 11.16 11.17 11.18 11.19 11.20 11.21 11.22 11.23 11.24 11.25 11.26 11.27 11.28 11.29 11.30 11.31 11.32 11.33 11.34 11.35 11.36 11.37 11.38 11.39 11.40 11.41 11.42 11.43 11.44 11.45 11.46 11.47 11.48 11.49 11.50 11.51 11.52 11.53 11.54 11.55 11.56 11.57 11.58 11.59 11.60 11.61 11.62 11.63 11.64 Deputy Governors. Reserve Bank of India.
  12. ↑ 12.00 12.01 12.02 12.03 12.04 12.05 12.06 12.07 12.08 12.09 12.10 12.11 12.12 12.13 12.14 12.15 12.16 12.17 12.18 12.19 12.20 12.21 12.22 12.23 12.24 12.25 12.26 12.27 12.28 12.29 12.30 12.31 12.32 12.33 12.34 12.35 12.36 12.37 12.38 12.39 12.40 12.41 12.42 12.43 12.44 12.45 12.46 12.47 12.48 12.49 12.50 12.51 12.52 12.53 12.54 12.55 12.56 12.57 12.58 12.59 12.60 12.61 12.62 12.63 12.64 [1]Template:Self-published inline
  13. ↑ 13.00 13.01 13.02 13.03 13.04 13.05 13.06 13.07 13.08 13.09 13.10 13.11 13.12 13.13 13.14 13.15 13.16 13.17 13.18 13.19 13.20 13.21 13.22 13.23 13.24 13.25 13.26 13.27 13.28 13.29 13.30 13.31 13.32 13.33 13.34 13.35 13.36 13.37 13.38 13.39 13.40 13.41 13.42 13.43 13.44 13.45 13.46 13.47 13.48 13.49 13.50 13.51 13.52 13.53 13.54 13.55 13.56 13.57 13.58 13.59 13.60 13.61 13.62 13.63 13.64 The Story of The Reserve Bank of India{{#if:|, {{{last}}}}. Rupa Publications(20 October 2018). ISBN 978-9353046446
  14. ↑ Who is Poonam Gupta? Meet the new RBI Deputy Governor, Report, IANS and Staff. Gulf News: Latest UAE news, Dubai news, Business, travel news, Dubai Gold rate, prayer time, cinema(2025-04-02). Retrieved 2025-04-02.
  15. ↑ Who Is Poonam Gupta? All About New RBI Deputy Governor. www.ndtv.com. Retrieved 2025-04-02.
  16. ↑ Poonam Gupta appointed RBI deputy governor: A look at her education, career, and new role. The Times of India(2025-04-02). Retrieved 2025-04-02.

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