who was the first governor of reserve bank of india
List of Governors of Reserve Bank of India The inaugural officeholder was the British banker Osborne Smith, while C. D. Deshmukh was the first Indian governor. The position is currently held by Urjit Patel, who took over from Raghuram Rajan on 4 September 2016.
Public sector banks in India The Central Government entered the banking business with the nationalization of the Imperial Bank of India in 1955. A 60% stake was taken by the Reserve Bank of India and the new bank was named as the State Bank of India. The seven other state banks became the subsidiaries of the new bank in 1959 when the State Bank of India (Subsidiary Banks) Act, 1959 was passed under the Nehru government.[2]