Who was the RBI (Reserve bank of India) governor during demonetisation the year 2016?
Dr. Urjit Patel
Understanding the RBI Governor During 2016 Demonetisation
The question asks about the individual who held the position of the Reserve Bank of India (RBI) Governor when the significant event of demonetisation took place in India in the year 2016. Demonetisation of $500 and $1000 currency notes was announced on November 8, 2016.
Analyzing the RBI Governor Options
Let's examine the tenures of the individuals listed in the options to determine who was the RBI Governor during the 2016 demonetisation period:
- Dr. Raghuram Rajan: Dr. Raghuram Rajan served as the 23rd Governor of the RBI. His tenure was from September 4, 2013, to September 4, 2016. Since demonetisation occurred in November 2016, he was not the Governor at that specific time.
- Dr. Urjit Patel: Dr. Urjit Patel took office as the 24th Governor of the RBI on September 5, 2016, succeeding Dr. Raghuram Rajan. His term extended beyond November 2016, concluding on December 10, 2018. Therefore, he was the RBI Governor when the 2016 demonetisation was implemented.
- Shri Shaktikanta Das: Shri Shaktikanta Das assumed the role of the 25th Governor of the RBI after Dr. Urjit Patel. His tenure began on December 12, 2018. He was not the Governor in 2016.
- Dr. D. Subbarao: Dr. D. Subbarao was the 22nd Governor of the RBI, serving from September 5, 2008, to September 4, 2013. He preceded Dr. Raghuram Rajan and was not the Governor in 2016.
Identifying the RBI Governor in November 2016
Based on the tenures, Dr. Urjit Patel was the Governor of the Reserve Bank of India during November 2016, when the demonetisation of specified bank notes was announced and implemented. He had taken charge just a couple of months prior, in September 2016.
Therefore, the correct answer is Dr. Urjit Patel.
Revision Table: RBI Governors Around 2016
| RBI Governor | Tenure Start Date | Tenure End Date |
|---|---|---|
| Dr. D. Subbarao | September 5, 2008 | September 4, 2013 |
| Dr. Raghuram Rajan | September 4, 2013 | September 4, 2016 |
| Dr. Urjit Patel | September 5, 2016 | December 10, 2018 |
| Shri Shaktikanta Das | December 12, 2018 | Present |
Additional Information on RBI Governor and Demonetisation
The Reserve Bank of India (RBI) is India's central bank and regulatory body. The RBI Governor is the chief executive of the central bank and holds significant responsibility for monetary policy and financial stability.
Demonetisation is the act of stripping a currency unit of its status as legal tender. The 2016 demonetisation in India involved the cessation of $500 and $1000 notes as legal currency. The decision for demonetisation is typically taken by the government in consultation with the RBI.
During the 2016 event, Dr. Urjit Patel was the incumbent RBI Governor. The old $500 and $1000 notes featured the signature of the then RBI Governor, Dr. Raghuram Rajan, as they were printed during his tenure. However, the notification and subsequent process of demonetisation were handled during the governorship of Dr. Urjit Patel.
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