June 16, 1970 to May 19, 1975

s jagannathan1

S. Jagannathan, the tenth Governor of RBI, was a member of the Indian Audit and Accounts Service. He served from June 16, 1970 to May 19, 1975. Prior to this, he represented India as Executive Director at the World Bank.

The 1970s saw unprecedented inflation in India secondary to the “oil shock” and S. Jagannathan had to intervene with active monetary policies, resulting in the establishment of the Credit Guarantee Corporation of India and the State Level Banker’s Committee. He also introduced Indian Rupee notes of denomination Rs. 20 and Rs. 50, which bore his signature.

He resigned from office to accept the position as Executive Director of the International Monetary Fund.





This article was written by Ushma Jinadatha


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