A few days ago, you heard that The Reserve Bank of India (RBI) on 05 Mar 2020 night suspended the Yes Bank board and imposed a prohibition for a month as its financials deteriorated. … Many leading UPI players saw their operations disabled because of the withdrawal restrictions placed on Yes Bank by the regulators.
We all know well, The Reserve Bank of India (RBI) was established only this purpose If any bank makes a mistake, it will be always taking such stern steps. It always monitors all banks in the case whereby all banks not messed up.
Governor of RBI?
Current Governor of Reserve Bank of India
Shri Shakti Kant Das is the current governor of Reserve Bank of India but do you know? Who was the first governor of Reserve Bank of India? Let’s know about it.
1st Governor of Reserve Bank of India (RBI)?
Sir Osborne Smith was the 1st Governor of the Reserve Bank of India. His tenure was from 01-04-1935 to 30-06-1937. A knowledgeable banker, he performed duties for over 20 years with the Bank of New South Wales and 10 years with the Commonwealth Bank of Australia before coming to India in 1926 as a Main Governor of the Imperial Bank of India.
His leadership of the Imperial Bank won him recognition in banking circles in India. However, his outlook on policy issues just like the exchange rates and interest rates was discrepant thereupon of the govt. He resigned before the completion of his term of office of three and a half years. Sir Osborne, however, didn’t sign any banknotes during his tenure.