November 22, 1997 to September 05, 2003

dr bimal jalan1

Dr. Bimal Jalan succeeded C Rangarajan as the 20th Governor of the Reserve Bank of India. He graduated at Presidency College, Calcutta, Cambridge and Oxford Universities. He has been associated with a number of academic institutions including the Indian Statistical Institute, Kolkata and the Institute of Economic Growth Delhi as Chairman. Before becoming the Governor, he held several administrative and advisory positions in the Government of India. He served as Chief Economic Advisor to Government of India in 1980s, Banking Secretary from 1985 to 1989, Finance Secretary, Member of Secretary of the Planning Commission and Chairman of the Economic Advisory council to the Prime Minister prior to being appointed as Governor. He has also represented India on the Executive Boards of the IMF and the World Bank. During his tenure, the Reserve Bank successfully managed the impact of the East Asian crisis. During his tenure notes of Rs.1000 denomination was reintroduced and the issue of Rs. 2 notes was stopped. The practice of printing the year of issue on the reverse of the note began in 2005. The monetary process was demystified and central bank communications marked a perceived shift towards transparency. After his tenure, the President of India nominated him as a Member of Rajya Sabha for distinguished public service from 2003 to 2009.


This article was written by Avinash Jinadatha


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