MAR 1st  1957 to FEB 28th 1962

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H.V.R Iyengar was the sixth Governor of the RBI and served from March 1, 1957 to February 28, 1962. Just like his predecessors, he was a member of the Indian Civil Services as well. Prior to his appointment as the Governor, he served as the Chairman of State Bank of India.

During his tenure, India shifted to decimal coinage and efforts to consolidate the banking industry were initiated. In September 1960, RBI acquired powers to enforce amalgamations and delicensing of the banks. The concept of refinancing was invoked leading to the formation of Refinance Corporation for Industry Ltd. In 1962, India became one of the first countries to introduce the concept of Deposit Insurance. Additionally, variable cash reserve ratio and selective credit controls were used for the first time during his tenure.





This article was written by Ushma Jinadatha


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