Journey Through Indian Definitive Coinage

 This Post is Organized as a 2 Part Series. Please click Next for the next post

Frozen Series – I

From 1947 to 1950, the older coins of pre-independence were still valid. This represented the currency arrangements during the transition period up to the establishment of the Indian Republic. The Monetary System remained unchanged at One Rupee consisting of 192 pies.
·         1 Rupee = 16 Annas
·         1 Anna = 4 Pice
·         1 Pice = 3 Pies

1950 Anna Series – II

This series was introduced on 15th August, 1950 and represented the first coinage of Republic India. The King’s Portrait was replaced by the Lion Capital of the Ashoka Pillar. A corn sheaf replaced the Tiger on the one Rupee coin. In some ways this symbolized a shift in focus to progress and prosperity. Indian motifs were incorporated on other coins. The monetary system was largely retained unchanged with one Rupee consisting of 16 Annas.
There were quite a few Coin designs that were sent for approval, however they were rejected for one reason or other. Read more about it in the pattern coin section here.
The coins were 1 Pice, ½ Anna, 1 Anna, 2 Anna, ¼ Rupee [or 4 Anna’s], ½ Rupee [or 8 Anna’s] and One Rupee. There were no Pies minted.

1957 – The Decimal Series – III

World over there was a move to adopt a decimal system for currency to facilitate easy accounting. The Indian Coinage Act in Sept 1955 was amended for the country to adopt a metric system for coinage. The Act came into force with effect from 1st April, 1957. The rupee remained unchanged in value and nomenclature. It, however, was now divided into 100 ‘Paisa’ instead of 16 Annas or 64 Pice. For public recognition, the new decimal Paisa was termed ‘Naya Paisa’ till 1st June, 1964 when the term ‘Naya’ was dropped.
There were quite a few pattern coins / designs and denomination nomenclatures proposed. There was supposed to be even a ‘Cent’ instead of the ‘Paise’. Read more about it here.
The coins were 1 Naya Paise, 2 Naya Paise, 5 Naya Paise, 10 Naya Paise, 25 Naya Paise or ¼ Rupee [or 4 Anna’s], 50 Naya Paise or ½ Rupee [or 8 Anna’s] and One Rupee. Although the Anna word was dropped, the 25 Paise and 50 Paise matched the value in old denomination and even today are still referred by the old nomenclature in Hindi of 4 Anna for 25 Paise and 8 Anna for 50 Paise.

1964 Revised Decimal Series – IV

On 1st June, 1964 when the term ‘Naya’ was dropped from the denominations. All the key design remained as earlier.
There was no change in the One Rupee coin. However the One Rupee was not minted again till 1970 and it was only from 1975 when it was minted regularly and in large quantities.

1964 Onwards Aluminum Series – V

Barley after the word ‘Naya’ was dropped from the coinage, there was already another initiative going on to reduce the cost of the coins. Most of the coins in smaller denominations made of bronze, nickel-brass, cupro-nickel were gradually converted to Aluminum. This change commenced with the introduction of the new hexagonal 3 paise coin in the year 1964. The One and Two paise in 1965, 5 Paise in 1968, 10 Paise in 1971 A twenty paise coin was introduced in 1968 in Nickel Brass but did not gain much popularity and was changed to Aluminum from 1982. The 25 paise metal was changed from Nickel to Cupro-Nickel in 1972. The One Rupee metal was changed from Nickel to Cupro-Nickel from 1975 and then the size of One Rupee was reduced substantially in 1983 and a smaller coin introduced.
The 5 Paise Aluminum that was introduced in 1968 had the same design as that of the Cupro Nickel. In 1972 a new design was introduced and then in 1984 the weight of the 5 paise coin was further reduced to 1 g.
The 10 Paise was changed to Nickel Brass from Cupro Nickel in the year 1968 before changing to Aluminum in the year 1971. The size was further reduced in the year 1983.
A 20 Paise denomination was introduced for the first time in the Year 1968 in Nickel Brass and later changed to Aluminum. This is the first time that a coin had a different design. It had a Lotus flower on the Reverse along with the value. During that time there was a proposal to have all the National Symbols on the coins, i.e. National Bird, National Animal, National Flower and National Fruit. However only the National Flower made it and the others were put on hold and the proposal dropped. The minting of the 20 paise was discontinued in 1971, The 20 Paise was later redesigned in the traditional way with Aluminum in the year 1982
The 50 Paise underwent a design change in 1971 with metal being Cupro Nickel from the Pure Nickel. The gap between the Paise on top was reduced in the year 1974, the design was further changed in the year 1984.

Journey Through Indian Definitive Coinage

This Post is Organized as a 2 Part Series. Please click Previous for the Previous Part

1990’s Stainless Steel Series – VI

The inflation made the coins in lower denomination redundant. The rising cost of metal also meant that most of the Aluminum coins were melted for the metal. Thus over a period of time most of the lower denomination coins were discontinued.
Viz The Three Paise was discontinued in 1971, The One Paise in 1972, the Two Paise in 1979. The 5 paise was stopped in 1994. The 20 paise also was discontinued in the year 1994. Although the minting of these coins was stopped the de-monetization these coins was only done on 30-June-2011 along with 25 paise.
 A new series was introduced that was predominantly stainless steel. The introduction was steel began with 10 paise, 25 paise and 50 paise in 1988, the 10 paise coin size was so small that one could hardly hold them in hand. The One Rupee in Steel followed in 1992. New higher denominations got introduced, the Rs 2 was introduced in 1982 as circulation commemorative was minted in same design in 1990 and then the size reduced by 1992. The Rs 5 was introduced as a regular denomination from 1992 that was of similar size to 50 Paise, but of larger thickness. This did cause some confusion amongst people.

2004 Unity In Diversity Series – VII

For the first time in Indian Coinage History, the design of the definitive coins was given outside mint to NID [National Institute of Design] in Ahmadabad. There were 3 designs that were proposed.
·         Unity in Diversity
·         Nritya Mudra
·         IT and Connectivity
The Unity and Diversity was selected, and this was adopted over a period for Rs 1 in 2004 followed by Rs 2 in 2005 and Rs 5 in 2006. A coin of Rs 10 denomination was also introduced. It was minted from 2005 however put into circulation only in the later part of 2009. Although a 50 paise coin was designed, it was never minted.
There was a huge controversy related to the design of these coins. Read here for more details

2008 Natya Mudra , IT & Connectivity Series – VIII

Not withstanding the controversy over the design of the Unity and Diversity series, the Natya Mudra design was adopted for coins of 50 paise, Rs 1, Rs 2 and the IT & Connectivity for Rs 5 and Rs 10.
The Natya Mudra Series had various Hand Gestures [Hasta Mudra] from the Classical Dance form ‘Bharat Natyam’ on the Reverse of the coins.
The IT & Connectivity had 2 themes, one that was a wave like pattern that depicted the fluid movement of the data and information and the other had radiating lines outside that indicated growth and connectivity.

2011 New Floral Design with Rupee Symbol Series – IX

The adoption of the Rupee Symbol for the Indian currency led to redesign of all coins [currencies as well]. As part of this effort, the size of coins was also reduced to make it more cost effective. The metal of Rs 5 coin was changed from Steel to Nickel Brass.

Hyderabad Single Coin Sets – General Discussion


The 11 Single Coins sets from Hyderabad mint are nicely done in packaging …

Error in Louis Braille Spelling;

Although the packaging looks great … notice the blunder in the name … Instead of Louis BraiLLE, the mint has written it as Louis BraiLEE ….I mean this is not the first time Mint has issued this, so they would have the correct spelling … even if they had noticed the art work, they would noticed the error …
Now Initially I had thought the mint a great job, however it looks sloppy in quite a few area’s … See the other post on Single Coin Sets …

I couldn’t but help notice the logo used on Page 5 …
Some are nice art work … while the other are shabby coin images … at times from other mints …On Gur-Ta-Gaddi and Mother Teresa there was already a nice art work existing but why the mint choose to use coin images not sure …

The Ones that are nice

The other left to be desired …

For Gu-Ta-Gaddi they used a coin image from Hyderabad mint, as to why they did not use the art work that was used in the initial strikes is surprising …

If you look at the Games … not only did they take the image from a Mumbai Mint coin, they took only one image and photo edited to make it look Gold / Silver … see the image more closely and you would notice the scratch near the mint mark, making it the same coin …

Rather than using the Mother Teresa coin image that has such a glare … instead of using the nice artwork …

Inset’s in Relation to Indian Currency

Significance of Inset’s / Prefix’sEvery Note issued one should be able to uniquely identify … so to that extent Serial Number achieves this, however if you run out of serial numbers, you have 3 char prefix. In the older notes initially there was a Single Char Prefix that was increased gradually to 4 before settling to 3 Chars that one sees today.The Change in Governors always means that one can restart the numbers [along with Prefix]. One can also play around with small design changes [take a close look at older notes, with satyamo without satyamo].

Devised quite early one way was to have different Insets in the number panel, these give the needed uniqueness to the notes printed early on. Although the practise existed before Independence, Post independence, the first usage of Inset was on the One Rupee Note in the Year 1955. The notes were signed by H. M. Patel.  The usage was alphabetically for notes signed by different Secretaries and reached alphabet ‘I’, being signed by M. G. Kaul in 1976.
On the Five Rupee note the Inset was introduced from H. V. R. Iengar in the Year 1957.

The Inset was an alphabet in uppercase in bold beside the serial number initially and later positioned beneath the serial number from 1976 onwards.

However towards 2005, with the amount of notes being printed grew, Inset alone was not sufficient to create the distinction and another identifier on the back, the year of printing was introduced to make it unique.

Insets are also used to determine which printing press has issued with notes [Similar to mint marks on the coins]. However each printing press uses more than one insets. It is not know which mint uses which Insets.

Bharatiya Note Mudran Nigam Pvt. Ltd., Salboni, West Bengal :
Inset ‘R’, Inset ‘S’, Inset ‘T’, Inset ‘U’ and Inset ‘V’
. Currency Note Press, Nashik (Nasik), Maharashtra :
Inset ‘L’, Inset ‘M’, Inset ‘N’, Inset ‘P’ and Inset ‘Q’
· Banknote Press, Dewas, Madhya Pradesh :
Inset ‘E’, Inset ‘F’, Inset ‘G’, Inset ‘H’ and Inset ‘K’
.Bharatiya Note Mudran Nigam Pvt. Ltd., Mysore, Karnataka :
No inset, Inset ‘A’, Inset ‘B’, Inset ‘C’ and Inset ‘D’

From a collection point on view one can follow the following themes:
– Per Design [does not consider Governors, only designs]. These should be around 3-5 designs per denomination
– Per Design / Governor [Collect one ea of Governors. some governors have signed 2 designs, collect both]. Around 125 notes
– All Insets, Governors, Designs. Around 575
– Include Prefix on older notes …

Rare and Expensive Currencies of India

There are quite a few places where rare and expensive are interchangeably used. Further the usage of word Rare is so rampant in the coin collecting industry that it’s lost its meaning.
In essence rare means that something that is not easily found with most dealers.
There are less than a handful of currencies that are rare in Republic India.
Rather than categorizing the currencies as rare, I have tried to put together a list of currencies that are expensive.

One Rupee:

– KRK Menon, the first issue is priced around 5,000 to 7,000.
– K. G. Ambegaonkar both the 1950 and 1951 Issue are in the range of Rs 1000
– H M Patel 1957, A Inset with Title as Secreatry is also in the range of Rs 1000
– L K Jha, Inset B, Only comes in Single Prefix of “Y” is around Rs 4000 to Rs 5000
– S Bhoothalingam issue of 1964 is the most expensive one rupee note and aprox priced at 10,000 to 15,000 depending on the condition. A full bundle of this is in the range of 30 lacs.

Two Rupees:

All the Issues of Benegal Rama Rau are expensive, the most expensive one being the first issue, also called “Gujrati Note” as the numeral is not in English but in Devnagari, as to why it got called Gujrati and not Hindi I don’t know.

– The First issue is in the range of Rs 3000 to 4000
– Second Issue of Rama Rau are in the range of Rs 1000
– Third Issue of Rama Rau , Rs 1000

Five Rupees:

The First and Third issue of Benegal Rama Rau are expensive
– First Issue, Value in English Only is around Rs 3000 to Rs 4000
– Third Issue, Value in English and Corrected Hindi is in the range of Rs 3500 to Rs 4000

Ten Rupees:

The first note of Republic India was the Rs 10 signed by CD Deshmukh,
– CD Deshmukh is in the range of 20,000 to 40,000
– The Second note [First issue] of Benegal Rama Rau with value in English only is around Rs 1000
– The Third Issue of [Second issue] Benegal Rama Rau with value in English and Error in Hindi is around Rs 1000
– The M Narasimham with Sailing Dhow, B Inset is in the range of Rs 1000

Twenty Rupees:

The S Jagannathan note both with Wrong Kashmiri and Right Kashmiri are expensive
– S Jagannathan, Parliament House, Wrong Kashmiri, Rs 1000
– S Jagannathan, Parliament House, Right Kashmiri, Rs 2000
– M Narasimham, Konark Wheel, Rs 2000

Fifty Rupees:

The first issue of S Jagannathan along with M Narasimham are the most notes
– S Jagannathan, Parliament House, Rs 3000
– M Narasimham, Parliament House, Rs 3000
– YV Reddy, No Inset, No Year, Rs 1000

Hundred Rupees:

There are quite a few Rs 100 notes that are very expensive.
– First Issue Benegal Rama Rau, English Only, Rs 10,000
– Second Issue, Benegal Rama Rau, Black Number, Rs 5,000 to Rs 7,000
– Third Issue Benegal Rama Rau, Rs 10,000
– Fourth Issue Benegal Rama Rau, 2 Elephants Ek 100 Rupye, Rs 10,000
– HVR Iyengar, 2 Elephants, Rs 6000 to 7000
– HVR Iyengar, Dam, Rs 2500 to 3000
– PC Bhattacharya, Dam, Rs 2500 to 3000
– PC Bhattacharya, Smaller Notes, Dam, Rs 1500
– LK Jha, Gandhi, Rs 1500
– BN Adarkar, Gandhi, Rs 2500
– S Jagannathan, Dam, Wrong Kashmiri, Rs 1500
– S Jagannathan, Agriculture Activity, Cobalt Blue, 15,000 to 20,000
– K R Puri, Dam, Pale Blue, Rs 1500
–  M Narasimham , Agriculture Activity, Cobalt Blue, 15,000 to 20,000
– Manmohan Singh, Multi Colour, Rs 1000
– YV Reddy, G Inset, Rs 1000

Five Hundred Rupees:

– None

Thousand Rupees:

– N. C. Sen Gupta, Temple, Rs 13,000
– K R Puri, Temple, 25,000


Notes of Rs 5000, 10,000 and 50,000 are all rare.
Some Star Notes are very rare and expensive and are not listed as there is no fixed price, There is a huge fluctuation in the prices of these star notes.

Governors of Reserve Bank of India

Sir C D Deshmukh
11-08-1943 to 30-06-1949
Chintaman Dwarkanath Deshmukh, a member of the Indian Civil Service, was the first Indian Governor of the Bank. His association with the Bank commenced in 1939, when he was appointed Government’s liason officer. He later served as Secretary and thereafter in 1941 as Deputy Governor of the Bank. On the demise of James Taylor, he took over stewardship of the Bank and was appointed Governor in August, 1943.
During his tenure as Governor, he represented India at the Bretton Woods negotiations in 1944, 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 nationalized on 1st January 1949. He later held the office of Union Finance Minister between 1950-56.
Sir Benegal Rama Rau
01-07-1949 to 14-01-1957
Sir Benegal Rama Rau, a member of the Indian Civil Service, was the longest serving Governor of the Bank. Prior to joining the Bank he served as the Indian Ambassador to the United States.
His tenure witnessed the commencement of the Planning Era as well innovative initiatives in the spheres of co-operative credit and industrial finance. The recommendations of the All India Rural Credit Survey Committee appointed during his tenure led to the transformation of the Imperial Bank of India to State Bank of India. 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 1957 before his second extended term of office expired due to differences with the Finance Minister.
K G Ambegaonkar
14-01-1957 to 28-02-1957
K. G. Ambegaokar, a member of the Indian Civil Service, served as Finance Secretary prior to his appointment as Deputy Governor. On the resignation of B. Rama Rau, he was appointed as the interim Governor till H V R Iyengar could take over.
He forged closer connections between agricultural enterprise and the Reserve Bank’s operations. K G Ambegaonkar did not sign any bank notes.
H V R Iengar
01-03-1957 to 28-02-1962
H V R Iengar, a member of the Indian Civil Service, served for a brief while as the Chairman of State Bank of India, before being appointed as the Governor of the Reserve Bank.
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 1960 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 1962 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.
P C Bhattacharya
01-03-1962 to 30-06-1967
P C Bhattacharya, a member of the Indian Audit and Account Service, served as Secretary in the Finance Ministry and later as Chairman of the State Bank of India prior to his appointment as Governor.
His tenure saw the establishment of the Industrial Development Bank of India (1964), and the establishment of the Agricultural Refinance Corporation (1963) and the Unit Trust of India (1964).
Other developments were the introduction of the Credit Authorisation Scheme as an instrument of Credit Regulation, the devaluation of the Rupee in 1966, with a package of measures including import liberalisation and elimination of export subsidies.
L K Jha
01-07-1967 to 03-05-1970
L K Jha, a member of the Indian Civil Service, served as Secretary to the Prime Minister, prior to his appointment as Governor.
During his tenure,social controls over commercial banks were introduced as an experiment in 1968, as a part of which a National Credit Council was established. Shortly thereafter, 14 major commercial banks were nationalised in 1969, 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.L K Jha was appointed India’s Ambassador to the United States in May 1970 prior to the completion of his term as Governor.
B N Adarkar
04-05-1970 to 15-06-1970
B N Adarkar held the post of Governor during the interregnum till S Jagannathan could take over as Governor.
He was a professional economist and served for many years in the office of the Economic Adviser of the Government of India and also held important positions in the Ministry of Commerce & Industry prior to his appointment as the Deputy Governor of the Bank.
He also served as India’s Executive Director at the IMF and as Deputy Governor, he played an active role in the establishment of the National Institute of Bank Management.
S Jagannathan
16-06-1970 to 19-05-1975
S Jagannathan was a member of the Indian Civil Service. He had served with the Central Government and thereafter as India’s Executive Director at the World Bank, prior to being appointed as the Governor.
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.
He relinquished office to take up the post of the Indian Executive Director at the IMF.
N C Sen Gupta
19-05-1975 to 19-08-1975
N C Sen Gupta was appointed Governor for three months till K R Puri could assume office.
Prior to his appointment as the Governor, he was working as Secretary to the Department of Banking of the Ministry of Finance.
K R Puri
20-08-1975 to 02-05-1977
K R Puri served as the Chairman and Managing Director of the Life Insurance Corporation of India before his appointment as Governor.
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.
M Narasimham
02-05-1977 to 30-11-1977
M Narasimham was the first and so far the only Governor to be appointed from the Reserve Bank cadre, having joined the Bank as a Research Officer in the Economic Department. He later joined the Government and prior to his appointment as Governor he served as Additional Secretary, Department of Economic Affairs.
He had a short tenure of seven months. He later served as Executive Director for India at the World Bank and thereafter at the IMF after which he served in the Ministry of Finance as Secretary. He was chairperson of the Committee on the Financial System, 1991 and the Committee of Banking Sector Reforms, 1998.
Dr. I G Patel
01-12-1977 to 15-09-1982
Dr. I G Patel an economist and administrator, joined the Reserve Bank as Governor after serving as Secretary in the Ministry of Finance and thereafter at the UNDP.
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 1981 due to balance of payments difficulties. This represented the largest arrangement in IMF’s history at the time.
Dr. Manmohan Singh
16-09-1982 to 14-01-1985
Dr Manmohan Singh, academic and administrator, had served as Secretary Finance as well as Member Secretary of the Planning Commission prior to his appointment as Governor,
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.
A Ghosh
15-01-1985 to 04-02-1985
A Ghosh was the Deputy Governor of the Bank since 1982 when he was appointed Governor for a brief period of 15 days till R N Malhotra could take over. He was earlier the chairman of Allahabad Bank prior to his appointment as the Deputy Governor of the Bank. He was also a Director of the Industrial Development Bank of India and the governing body of the National Institute of Bank Management.
R N Malhotra
04-02-1985 to 22-12-1990
R.N. Malhotra, a member of the Indian Administrative Service, served as Secretary, Finance and Executive Director of the IMF. prior to his appointment as Governor.
During his tenure efforts were made to develop the money markets and new instruments were introduced. The Discount and Finance House of India, the National Housing Bank were set up and the Indira Gandhi Institute of Development Research inaugurated. In the field of rural finance, the Service Area Approach was adopted as an approach catalyse the flow of credit through commercial banks.
S Venkitaramanan
22-12-1990 to 21-12-1992
S Venkitaramanan, a member of the Indian Administrative Service, had served as Finance Secretary and adviser to the Government of Karnataka prior to his appointment as Governor.
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.
Dr. C Rangarajan
22-12-1992 to 21-11-1997
Dr. C Rangarajan was a professional economist. Prior to his appointment as the Governor, he held charge as Deputy Governor for over a decade. He was also a member of the Planning Commission and a member of the Tenth Finance Commission.
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. New institutions and instruments were introduced and changes in exchange rate management culminated in the establishment of a unified exchange rate. In the field of monetary policy, his tenure saw the historic memorandum signed between the Bank and the Government whereby a cap was put on the automatic finance by the Bank to the Government in the form of ad hoc treasury bills.
Dr. Bimal Jalan
22-11-1997 to 06-09-2003
Dr. Bimal Jalan, served as Chief Economic Advisor to Government of India, Banking Secretary, Finance Secretary, Member Secretary of Planning Commission, and Chairman of the Economic Advisory Council to the Prime Minister prior to being appointed as Governor. He had also represented India on the Executive Boards of the IMF and the World Bank.
During his tenure, India weathered the Asian Crisis and has seen the consolidation of the gains of liberalisation and economic reforms. The monetary policy process was demystified and central bank communications marked a perceived shift towards transparency.
This period has seen a slew of measures to strengthen the banking sector, establish new institutions and introduce new instruments. The period has been characterised by the strengthning of the balance of payments and forex position,low inflation and soft interest rates.
Dr. Y V Reddy
06-09-2003 to 05-09-2008
Dr. Yaga Venugopal Reddy the twenty-first Governor, is a member of the Indian Administrative Service. He has spent most of his career in the areas of finance and planning. He served as Secretary (Banking) in Ministry of Finance, Additional Secretary, Ministry of Commerce, Joint Secretary in Ministry of Finance in Government of India, Principal Secretary, Government of Andhra Pradesh and had a a six year tenure as Deputy Governor of the Reserve Bank of India. Prior to his appointment as the Governor, Dr. Reddy was India’s Executive Director on the Board of the International Monetary Fund.
Dr. Reddy has made significant policy contributions in the areas of financial sector reforms; trade finance; monitoring of balance of payments and exchange rate; external commercial borrowings; centre-state financial relations; regional planning; and public enterprise reform and has been closely associated with institution building. He has several publications to his credit mainly in areas relating to finance, planning and public enterprises.
Dr. D. Subbarao
05-09-2008 to date
Dr. D. Subbarao today took over as the 22nd Governor of the Reserve Bank of India. Dr. Subbarao has been appointed for a three-year term. Prior to this appointment, Dr. Subbarao was the Finance Secretary in the Ministry of Finance, Government of India.
Dr. Subbarao has earlier been Secretary to the Prime Minister’s Economic Advisory Council (2005-2007), lead economist in the World Bank (1999-2004), Finance Secretary to the Government of Andhra Pradesh (1993-98) and Joint Secretary in the Department of Economic Affairs, Ministry of Finance, Government of India (1988-1993).
Dr. Subbarao has wide experience in public finance. In the World Bank, he worked on issues of public finance in countries of Africa and East Asia. He managed a flagship study on decentralisation across major countries of East Asia including China, Indonesia, Vietnam, Philippines and Cambodia. Dr. Subbarao was also involved in initiation of fiscal reforms at the state level. Dr. Subbarao has written extensively on issues in public finance, decentralisation and political economy of reforms.
Born on August 11, 1949, Dr. Subbarao holds a B.Sc (Hons) in Physics from the Indian Institute of Technology, Kharagpur and M.Sc in Physics from the Indian Institute of Technology, Kanpur. Dr. Subbarao also holds an MS degree in Economics from Ohio State University. He was a Humphrey fellow at MIT during 1982-83. He has a Ph.D. in Economics with thesis on fiscal reforms at the sub-national level. Dr. Subbarao was a topper in the All India Civil Service examination for entry into Indian Administrative Services and Indian Foreign Services in 1972. He was one of the first IITians to join the civil service.

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