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List of RBI Governors in India
RESPONSIBILITIES:
- Maintaining financial stability in economy of India.
- Responsible for promoting orderly development and maintenance of foreign exchange in India.
- Also responsible for managing FEMA (Foreign Exchange Management Act)1999.
- Governor of RBI plays a vital role in formulating the policies of RBI.
- Apart from formulating policies, Governor have the responsibility of issuing license to open new private and foreign banks in India.
- For controlling the interest rates in deposits and advances of the country.
- Decides the benchmark interest rate: a 6 member monetary policy committee headed by RBI governor decides the benchmark repo rate through voting that acts as a guide for banks to set interest rates for lending and deposit.
- Governor have to monitor the various poverty alleviation schemes in order to eradicate poverty from India.
- Has a part to play in monitoring and facilitate flow of credit to rural, agricultural and various small scale industries sector.
- Responsible for Farming policies on priority sector and supporting the agricultural banks, and further responsible to regulate rural banks, state co-operative banks and various local banks.
- Further responsible to monitor the issue and destruction of currency and coins which are not fit for circulation in public and additionally, to monitor whether adequate quantity of currency notes and coins are supplied and in good quality.
