Polity & people · Updated September 2026
RBI Governor
Sanjay Malhotra is RBI Governor from 11 December 2024 (September 2026 notes). RBI founded 1935, nationalised 1949, Mumbai. No repo-rate guess.
The Reserve Bank of India is the central bank. It was set up in 1935 and nationalised in 1949. Its headquarters is in Mumbai. It manages monetary policy, regulates banks, and issues most of the currency — except one-rupee notes and coins, which the Government of India issues.
September 2026 reference: the Governor is Sanjay Malhotra, in office from 11 December 2024. The first Governor was Sir Osborne Smith; the first Indian Governor was C.D. Deshmukh. We do not invent a later 2026 name or a repo-rate figure.
The Governor is appointed by the Union government. The Monetary Policy Committee (statutory in recent years) votes on the policy repo rate — those minutes belong on rbi.org.in, not on a GK page that would go stale in a week. Pair this page with Indian currency and GST.
Key points
- Governor (September 2026 notes): Sanjay Malhotra — from 11 December 2024.
- RBI established: 1935 (Hilton Young Commission background is the usual textbook trail).
- Nationalised: 1949. HQ: Mumbai. Symbol and website: rbi.org.in for live figures.
- First Governor: Osborne Smith. First Indian Governor: C.D. Deshmukh.
- Currency notes (other than the one-rupee note) carry the Governor’s signature.
- One-rupee notes and coins: Government of India, not the RBI issue in the usual teaching.
- Functions in the classroom list: banker to the government, banker to banks, custodian of foreign reserves, manager of currency, regulator and supervisor of banks.
- We do not print the 2026 repo rate, CRR, SLR or forex reserves.
- RBI is not a constitutional body in the same sentence as UPSC or the Election Commission — it is a statutory central bank.
- The Finance Ministry and the RBI can disagree; that is institutional tension, not a 2026 headline we write here.
- Prime Minister (same notes): Narendra Modi, third term. The PM does not sign banknotes.
- GST rates are the GST Council’s world, not the Governor’s.
- Issue of the rupee symbol ₹ (2010) is a currency-design fact — see the currency page.
- Banking Regulation Act and the RBI Act 1934 are the two statute names students meet; section trivia is for law papers.
- Regional offices exist; do not invent a 2026 new headquarters city.
- Digital payments and CBDC experiments may appear in news; we do not invent a 2026 launch date or a legal-tender replacement claim.
- The Governor usually holds a three-year-scale appointment in modern practice; confirm the notification rather than treating a coaching number as the Constitution.
- Deputy Governors are not listed here by 2026 name.
- Compare “central bank” with “commercial bank”: RBI does not take ordinary household savings accounts.
- This page is not live markets coverage.
- Related: Indian currency, GST, Prime Minister (appointing government).
- If a paper asks only the present Governor, write Sanjay Malhotra and the 11 December 2024 start date, then stamp your notes.
- Imperial Bank → State Bank of India is a different story from the RBI’s own birth.
- Do not confuse the RBI Governor with the Finance Secretary or the CAG.
RBI Governor — facts (2026)
| Topic | Fact / answer |
|---|---|
| Governor (Sept 2026) | Sanjay Malhotra — from 11 December 2024 |
| Established | 1935 |
| Nationalised | 1949 |
| Headquarters | Mumbai |
| First Governor | Osborne Smith |
| First Indian Governor | C.D. Deshmukh |
| Issues notes | Yes — except the one-rupee note |
| One-rupee issue | Government of India |
| Live rates | rbi.org.in — not invented here |
Exam tip: Signature on a ₹10–₹500 note is the RBI Governor. A ₹1 note is the Government of India story. That split is a favourite trap.
People also ask
Who is the RBI Governor in 2026?
Sanjay Malhotra, from 11 December 2024, as of these September 2026 notes. Confirm on rbi.org.in.
When was the RBI set up and nationalised?
Set up in 1935 and nationalised in 1949. Headquarters: Mumbai.
Does the RBI issue every coin and note?
It issues most notes. One-rupee notes and coins are issued by the Government of India in the standard teaching.