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Governors
Few personalities are so close yet so distant to
India's populace as the Governor of the Reserve Bank and few evocative of
his awe and mystique: close, because virtually every individual, be he
ever so poor or so rich, carries on his person the promise and signature
of the Governor. Distant because central bankers are traditionally
conservative and publicity shy. Awe they command as the custodian of the
country's reserves and defenders of the external value of the currency.
And, mystique they possess as purveyors of money, the commodity all desire
but so few understand.
Behind the mist, and shorn of the public perception,
the personality of the governor assumes importance in a specific context,
the governor, more than any public or private functionary in the country,
has the mandate of securing the monetary stability of the country. This
impinges on the day to day life of ordinary citizens.
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Sir Osborne Smith
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01-04-1935 to 30-06-1937 |
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Sir Osborne Smith was the first Governor of the Reserve Bank. A professional
banker, he served 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 Managing Governor of the Imperial Bank of India.
His stewardship of the Imperial Bank won him recognition in banking circles
in India. However, his outlook on policy issues like the exchange rates and
interest rates was at variance with that of the Government. He resigned prior to
the completion of his term of office of three and a half years. Sir Osborne,
however, did not sign any bank notes during his tenure. |
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