March 1, 1962 to June 30, 1967


P C Bhattacharya was the seventh Governor of RBI from March 1, 1962 to June 30, 1967. He was a member of the Indian Audits and Accounts Service (IA&AS) and served as a Secretary in the Finance Ministry and as Chairman of State Bank of India prior to being appointed as Governor.

Important developments during his tenure included the establishment of the Agricultural Refinance Corporation in 1963, Industrial Development Bank of India and the Unit Trust of India in 1964. He also introduced the Credit Authorization Scheme to regulate credit, devalued the rupee in 1966 with measures to liberalize import and eliminate export subsidies. In 1967, he authorized the reduction in size of the 5, 10 and 100 Rupee notes, to reduce the costs of paper and printing. This size is still currently in circulation.




This article was written by Ushma Jinadatha


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