LAKSHMI KANT JHA
July 1, 1967 to May 3, 1970
The eighth Governor of RBI, Lakshmi Kant Jha, was popularly known as L K Jha. He served as the Governor from July 1, 1967 to May 3, 1970. Like several of his predecessors, he was a member of the Indian Civil Services, and served as a Secretary to the Prime Minister of India prior to his appointment as Governor. His post-RBI appointments included India’s Ambassador to the United Nations and Governor of the state of Jammu & Kashmir July 3, 1973 to February 22, 1981.
He experimented with social controls over commercial banks in 1968 which led to the establishment of National Credit Council. In 1969, 14 commercial banks were nationalized without the endorsement of the RBI. He introduced gold controls, extended the Deposit Insurance to Cooperative Banks, introduced the Lead Bank Scheme to facilitate credit delivery and set up the Agricultural Credit Board.
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This article was written by Ushma Jinadatha