RBI was established in the year of 1935 by the British colonial government. Till date RBI has seen 23 governors. The first governor of RBI was the Britisher Sir Osborne Smith, while C. D. Deshmukh was the first Indian governor. The bank’s 15th governor, Manmohan Singh, become India’s 13th prime minister. The present governor is Raghuram Rajan, who took over from D. Subbarao on 4 September 2013.
Functions & Duties of RBI Governor are as follows.
2. Every note issued by RBI contains his signature.
3. RBI governor’s office controls the country’s monetary, currency and credit systems.
4. He is the final authority responsible for issuing licenses to open new private and foreign banks.
5. He has a central role in regulating and administering the financial system of the nation.
6. He heads an institution which is the sole authority for issuing bank notes. He supervises and administers exchange control and banking regulations.
7. The governor of the RBI managed the foreign exchange management Act, 1999 which is to facilitate external trade and payment and to promote orderly development and maintenance of foreign exchange market in India.
8. The RBI governor is further responsible for monitoring the issue and destruction of currency and coins which are not fit for circulation in public. He oversees if the adequate quantity of currency notes and coins are supplied and are of good quality.
9. He is responsible for leading and supervising primary co-operative banks.7. The governor of the RBI managed the foreign exchange management Act, 1999 which is to facilitate external trade and payment and to promote orderly development and maintenance of foreign exchange market in India.
8. The RBI governor is further responsible for monitoring the issue and destruction of currency and coins which are not fit for circulation in public. He oversees if the adequate quantity of currency notes and coins are supplied and are of good quality.
10. He also has a part to play in monitoring and facilitating the flow of credit to rural, agricultural and various small scale industries sectors. He is also responsible for framing policies on priority sector and supporting the agriculture banks.
11. He monitors the implementation of government-sponsored poverty alleviation schemes.
12. He plays a key role in helping promote functions to support national objectives.
13. He has to review rules and regulations continually to make the measures/financial programs of RBI customer friendly.
12. He plays a key role in helping promote functions to support national objectives.
13. He has to review rules and regulations continually to make the measures/financial programs of RBI customer friendly.
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