Join Our Newsletter. Get the latest updates from our side, including offers and free live updates, on email. Leverage agile frameworks to provide a robust synopsis for high level overviews. Click here to Join. Pin It on Pinterest. A professional banker, his outlook on policy issues like the exchange rates and interest rates was at variance with that of the Government Sir Osborne, however, did not sign any bank notes during his tenure.
His stewardship saw the Bank through the war years and the financial experiments it engendered and catalysed, including the decisive break away from a silver currency to fiat money. Saw the transition to Independence and the partition of the country and the division of the assets and liabilities of the Reserve Bank between India and Pakistan. His tenure witnessed the commencement of the Planning Era as well innovative initiatives in the spheres of co-operative credit and industrial finance. K G Ambegaonkar did not sign any bank notes.
His tenure saw the establishment of the Industrial Development Bank of India , and the establishment of the Agricultural Refinance Corporation and the Unit Trust of India The devaluation of the Rupee in ,. 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. Sir Osborne Smith. 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.
His stewardship saw the Bank through the war years and the financial experiments it engendered and catalysed, including the decisive break away from a silver currency to fiat money. His second term came to an end with his sudden demise. During his tenure as Governor, he represented India at the Bretton Woods negotiations in , saw the transition to Independence and the partition of the country and the division of the assets and liabilities of the Reserve Bank between India and Pakistan.
He helped the smooth transition of the Bank from a shareholder's institution to a State owned organisation, when the Bank was nationalised on 1st January He later held the office of Union Finance Minister between His tenure witnessed the commencement of the Planning Era as well innovative initiatives in the spheres of co-operative credit and industrial finance. The proportional reserve system of note issue was replaced by a minimum reserve system to give the Bank greater flexibility.
He resigned in the middle of January before his second extended term of office expired due to differences with the Finance Minister. He forged closer connections between agricultural enterprise and the Reserve Bank's operations. K G Ambegaonkar did not sign any bank notes. His tenure witnessed India's shift to decimal coinage from the earlier system.
The period saw conscious efforts to consolidate the banking industry. The Bank acquired powers in September to enforce amalgamations and delicensing of banks. The Bank was also active in catalysing medium term lending to industry by commercial banks by invoking the concept of refinance which led to the establishment of the Refinance Corporation for Industry Ltd.
Deposit Insurance for bank deposits was introduced in making India one of the earliest countries to experiment with Deposit Insurance. In the sphere of monetary policy, the variable cash reserve ratio was used for the first time as were the selective credit controls. His tenure saw the establishment of the Industrial Development Bank of India , and the establishment of the Agricultural Refinance Corporation and the Unit Trust of India Other developments were the introduction of the Credit Authorisation Scheme as an instrument of Credit Regulation, the devaluation of the Rupee in , with a package of measures including import liberalisation and elimination of export subsidies.
During his tenure, social controls over commercial banks were introduced as an experiment in , as a part of which a National Credit Council was established. Shortly thereafter, 14 major commercial banks were nationalised in , a step which did not have the endorsement of the Reserve Bank. Amongst other developments, gold controls were brought on a statutory basis; Deposit Insurance was in principle extended to Cooperative banks; the Lead Bank Scheme was introduced to facilitate credit delivery, and the setting up of the Agricultural Credit Board.
His tenure of office was characterised by a very active monetary policy in the wake of unprecedented inflation in the country following the oil shock, an exponential expansion of banking offices in pursuance of one of the important objectives of nationalisation; the establishment of Credit Guarantee Corporation of India, the setting up of State Level Bankers' Committees and the shift to floating rates regime. Prior to his appointment as the Governor, he was working as Secretary to the Department of Banking of the Ministry of Finance.
During his tenure, Regional Rural Banks were set up; the Asian Clearing Union commenced operations; the twenty point economic programme was announced and operationalised and a new money supply series introduced. He had a short tenure of seven months. His tenure witnessed the demonetisation of high denomination notes as well as the "gold auctions" conducted by the Bank on behalf of Government of India. During his tenure six private sector banks were nationalised, targets for priority sector lending introduced, and the Deposit Insurance and Credit Guarantee Corporations were merged, and a Departmental reorganisation was undertaken in the Bank.
He played an active role in availing of the IMF's Extended Fund Facility in due to balance of payments difficulties. This represented the largest arrangement in IMF's history at the time. During his tenure comprehensive legal reforms were carried out related to the banking sector and a new chapter introduced in the Reserve Bank of India Act and the Urban Banks Department was set up.
After his tenure in the Bank, he served in various capacities before being appointed Finance Minister. His tenure as Finance Minister was notable for the fact that he heralded in liberalisation and comprehensive reforms in India. During his tenure efforts were made to develop the money markets and new instruments were introduced. In the field of rural finance, the Service Area Approach was adopted as an approach catalyse the flow of credit through commercial banks.
The country faced difficulties related to the external sector during his tenure. His adroit management saw the country tide over the balance of payments crisis. His term also saw India adopt the IMF's stabilisation programme where the Rupee underwent a devaluation and the launch of the programme of economic reforms. His tenure as Governor saw unprecedented central bank activism to put in place a comprehensive set of measures to strengthen and improve the competitive efficiency of the financial sector.
ET Engage. ET Secure IT. Web Stories. Morning Brief Podcast. Economy Agriculture. Foreign Trade. Company Corporate Trends. Defence National International Industry. International UAE. Saudi Arabia. US Elections World News. Rate Story. Font Size Abc Small. Abc Medium.
0コメント