The RBI Governor list of India helps us understand who has guided India’s money and banking system since 1935. In simple terms, the RBI Governor is the head of India’s central bank. The Governor leads the RBI’s Central Board and plays a key role in deciding how money flows through the economy.
Complete List of RBI Governors of India (1935–Present)
Below is the full RBI Governors list of India, from the first Governor to the present one.
| S. No | Governor Name | Tenure |
|---|---|---|
| 1 | Sir Osborne Smith | April 1, 1935 – June 30, 1937 |
| 2 | Sir James Braid Taylor | July 1, 1937 – Feb 17, 1943 |
| 3 | Sir C. D. Deshmukh | Aug 11, 1943 – June 30, 1949 |
| 4 | Sir Benegal Rama Rau | July 1, 1949 – Jan 14, 1957 |
| 5 | K. G. Ambegaonkar | Jan 14, 1957 – Feb 28, 1957 |
| 6 | H. V. R. Iengar | Mar 1, 1957 – Feb 28, 1962 |
| 7 | P. C. Bhattacharya | Mar 1, 1962 – June 30, 1967 |
| 8 | L. K. Jha | July 1, 1967 – May 3, 1970 |
| 9 | B. N. Adarkar | May 4, 1970 – June 15, 1970 |
| 10 | S. Jagannathan | June 16, 1970 – May 19, 1975 |
| 11 | N. C. Sen Gupta | May 19, 1975 – Aug 19, 1975 |
| 12 | K. R. Puri | Aug 20, 1975 – May 2, 1977 |
| 13 | M. Narasimhan | May 2, 1977 – Nov 30, 1977 |
| 14 | Dr. I. G. Patel | Dec 1, 1977 – Sept 15, 1982 |
| 15 | Dr. Manmohan Singh | Sept 16, 1982 – Jan 14, 1985 |
| 16 | A. Ghosh | Jan 15, 1985 – Feb 4, 1985 |
| 17 | R. N. Malhotra | Feb 4, 1985 – Dec 22, 1990 |
| 18 | S. Venkitaramanan | Dec 22, 1990 – Dec 21, 1992 |
| 19 | Dr. C. Rangarajan | Dec 22, 1992 – Nov 22, 1997 |
| 20 | Dr. Bimal Jalan | Nov 22, 1997 – Sept 6, 2003 |
| 21 | Dr. Y. V. Reddy | Sept 6, 2003 – Sept 5, 2008 |
| 22 | Dr. D. Subbarao | Sept 5, 2008 – Sept 4, 2013 |
| 23 | Dr. Raghuram Rajan | Sept 4, 2013 – Sept 4, 2016 |
| 24 | Dr. Urjit Patel | Sept 4, 2016 – Dec 11, 2018 |
| 25 | Shri Shaktikanta Das | Dec 12, 2018 – Dec 10, 2024 |
| 26 | Sanjay Malhotra | Dec 11, 2024 – Present |
First Governor of RBI
Name: Sir Osborne Smith
Tenure: April 1, 1935 – June 30, 1937
Sir Osborne Smith was the first Governor of RBI, appointed during British rule. At that stage, India did not yet have an independent monetary framework.
In practice, his role was more about setting up systems — currency management, basic banking supervision, and defining RBI’s early responsibilities. Many beginners don’t realise that RBI initially worked under colonial priorities, not independent Indian policy goals.
First Indian Governor of RBI
Name: C. D. Deshmukh
Tenure: August 11, 1943 – June 30, 1949
C. D. Deshmukh became the first Indian Governor of RBI, which was a major shift. He led the RBI during World War II and India’s independence.
This period was financially sensitive. Currency stability, war financing, and post-independence planning all overlapped. In practice, Deshmukh helped transition RBI from a colonial institution to an Indian-controlled central bank.