RBI Governor list (1935-1990) entries trace every Governor of the Reserve Bank of India from the institution’s founding on 1 April 1935 through 1990 — the full arc of the Ashoka Pillar era, from the final years of British India through the eve of the Mahatma Gandhi currency series. This RBI Governor list also doubles as a guide to RBI Governor signatures: each Governor’s signature appeared on Indian banknotes across major political and economic milestones, including World War II, independence in 1947, decimalisation, bank nationalisation, and two separate waves of demonetisation.
For collectors of Indian banknotes, these signatures serve as valuable historical identifiers that help trace the evolution of Indian currency from colonial rule through the final years of the Ashoka Pillar series.
The first half of this RBI Governor list, 1935 to 1970, traces the transition from King George VI portrait notes to the Ashoka Pillar series, the introduction of Republic India currency, and the Gandhi Birth Centenary commemorative issues of 1969. The second half, 1970 to 1990, covers the introduction of the ₹20 and ₹50 denominations, the 1978 demonetisation of high-value notes, and the reintroduction of the ₹500 note bearing Mahatma Gandhi’s portrait for the first time — setting the stage for the currency system that followed.
From Sir Osborne Smith, the RBI’s first Governor, through to R. N. Malhotra on the eve of the 1990s, each Governor’s tenure left its own mark — often literally, in the form of a signature — on the story of Indian money.
Table of Contents
Quick Reference: RBI Governor List, 1935–1990
| Governor | Term | Denomination | BNB | Pick |
|---|---|---|---|---|
| Osborne Smith | 1 Apr 1935 – 30 Jun 1937 | None on issued notes | – | – |
| J. B. Taylor | 1 Jul 1937 – 17 Feb 1943 | ₹2, ₹5, ₹10, ₹100, ₹1000, ₹10000 | India B201a, B202a, B203a, B204a, B205, B206; Burma B201, B202, B203, B204, B205, B504a, B507a | P17a, P18a, P19a, P20, P21, P22; Burma P4, P5, P6, P7, P8, P26a, P29a |
| C. D. Deshmukh | 11 Aug 1943 – 30 Jun 1949 | ₹2, ₹5, ₹10, ₹100 | India B201b, B202b, B203b, B204b-d, B207, B208, B219a; Burma B504b, B506, B507b, B602, B603, B604; Pakistan B102, B103, B104, B105 | P17b, P18b, P19b, P20, P23, P24, P37a; Burma P26b, P28, P29b, P31, P32, P33 |
| B. Rama Rau | 1 Jul 1949 – 14 Jan 1957 | ₹2, ₹5, ₹10, ₹100, ₹1000, ₹5000, ₹10000 | B209, B210, B211a, B214, B215, B216, B219b, B220, B221a, B223, B224, B225a, B227, B228a-b, B231, B233 | P27, P28, P29a, P32, P33, P34, P37b, P38, P39a, P41, P42, P43a, P46, P47a-b, P48, P50, P50A |
| K. G. Ambegaonkar | 14 Jan 1957 – 28 Feb 1957 | None as RBI Governor | – | – |
| H. V. R. Iengar | 1 Mar 1957 – 28 Feb 1962 | ₹2, ₹5, ₹10, ₹100, ₹1000, ₹5000, ₹10000 | B211b, B217, B221b-c, B225b, B226a, B228c, B232; Persian Gulf BR201, BR202, BR203; Haj BR204, BR205 | P29b, P35a, P39b, P43b, P44, P47e, P49, P50Ab-f; Persian Gulf R2, R3, R4; Haj R5, R6 |
| P. C. Bhattacharya | 1 Mar 1962 – 30 Jun 1967 | ₹2, ₹5, ₹10, ₹100, ₹1000 | B212, B213, B218, B222, B226b, B228d, B229, B235a, B239a, B242a, B249a | P30, P31, P35b, P36, P40, P45. P47f, P51a, P57a, P62a |
| L. K. Jha | 1 Jul 1967 – 3 May 1970 | ₹2, ₹5, ₹10, ₹100 | B235b, B239b, B242b, B243, B249b; Commemorative B252a, B253a, B254a, B255a | P51b, P54b, P57b, P58, P62b; Commemorative P67a, P68a, P69a, P70a |
| B. N. Adarkar | 4 May 1970 – 15 Jun 1970 | ₹2, ₹5, ₹10, ₹100 | Commemorative B252b, B253b, B254b, B255b | Commemorative P67b, P68b, P69b, P70b |
| S. Jagannathan | 16 Jun 1970 – 19 May 1975 | ₹2, ₹5, ₹10, ₹20, ₹50, ₹100 | B236, B237a, B240, B241, B244, B245a, B247, B248, B250, B251, B258a, B261a, B263a, B265a, B267a | P52, P53, P55, P56, P59, P60, P61, P61A, P63, P64, P80, P81, P82, P83, P85 |
| N. C. Sen Gupta | 19 May 1975 – 19 Aug 1975 | ₹1000 | B230a | P65a |
| K. R. Puri | 20 Aug 1975 – 2 May 1977 | ₹2, ₹5, ₹10, ₹20, ₹50, ₹100, ₹1000 | B230, B237b, B245b, B251b, B256a, B258b, B261b, B263b, B265b, B267b | P65b, P53, P60, P64, P79, P80, P81, P82, P83, P85, |
| M. Narasimham | 3 May 1977 – 30 Nov 1977 | ₹2, ₹5, ₹10, ₹20, ₹50, ₹100 | B245c, B251c, B256b, B258c, B261c, B263c, B265c, B267c | P60, P79, P80, P81, P82, P83, P85, |
| I. G. Patel | 1 Dec 1977 – 15 Sep 1982 | ₹2, ₹5, ₹10, ₹20, ₹50, ₹100 | B237c, B245d, B251d, B256c-d, B258d, B261d, B263d, B265d, B266a, B267d, B269a, | P53, P60, P79, P80, P81, P82, P83, P84, P85, P86, |
| Manmohan Singh | 16 Sep 1982 – 14 Jan 1985 | ₹2, ₹5, ₹10, ₹20, ₹50, ₹100 | B237d, B238a, B245e, B256e, B258e, B261e, B263e, B266b, B269b | P53, P53A, P60, P79, P80, P81, P82, P84, P86, |
| A. Ghosh | 15 Jan 1985 – 4 Feb 1985 | ₹2, ₹5, ₹10 | B238b, B245f, B256f, B258f | P53A, P60, P79, P80 |
| R. N. Malhotra | 4 Feb 1985 – 22 Dec 1990 | ₹2, ₹5, ₹10, ₹20, ₹50, ₹100, ₹500 | B238c, B245g, B246a, B256g, B257, B258g, B259a, B261f, B263f, B266c, B268, B269c, B270a | P53A, P60, P60A, P80, P81, P82, P84, P85A, P86, P87 |
RBI Governor List, 1935–1970: Early Governors
The history of the Reserve Bank of India is closely tied to the evolution of Indian banknotes. When the RBI was established in 1935, India was still under British colonial rule, and paper money largely reflected imperial authority through the portrait of King George V. One of the most important milestones came in 1938, when the Reserve Bank of India officially assumed responsibility for issuing banknotes from the Government of India. The first RBI-issued notes featured the portrait of King George VI and carried the signature of the second RBI Governor, J. B. Taylor, establishing the Governor’s signature as a permanent feature of Indian currency.
Following independence in 1947, Indian currency gradually shed its colonial identity. The introduction of the Ashoka Pillar emblem on Republic India banknotes reflected the nation’s emergence as a sovereign republic. During the 1950s and 1960s, the RBI introduced several notable monetary changes, including decimal coinage, Persian Gulf Rupees, Haj notes, reduced-size banknotes, and the Mahatma Gandhi Birth Centenary commemorative issues of 1969 — each leaving its own signature trail for collectors to trace.
Sir Osborne Smith (1935–1937)
Sir Osborne Arkell Smith was the first Governor of the Reserve Bank of India. An experienced banker, he had previously served as Managing Governor of the Imperial Bank of India, the leading commercial banking institution in British India before the RBI’s formation, and was selected as the inaugural Governor when the institution commenced operations on 1 April 1935 — an appointment that came as British India sought greater monetary coordination and centralised banking oversight following the Hilton Young Commission’s recommendations.
Signature on Indian Banknotes
No regularly issued Indian banknotes bear Sir Osborne Smith’s signature. His signature is known only on unreleased King Edward VIII essay/trial notes, which were never issued to the public and fall outside the standard BNB/Pick catalog numbering used for circulated banknotes.
J. B. Taylor (1937–1943)
James Braid Taylor was appointed Governor of the Reserve Bank of India on 1 July 1937, following the resignation of Sir Osborne Smith, bringing continuity and a strong understanding of currency management during the RBI’s formative years. His tenure ended when he died in office on 17 February 1943, making him the only RBI Governor to pass away while serving.
Signature on Indian and Burma Banknotes
Taylor holds a unique position in Indian numismatics as the first RBI Governor to sign Indian currency notes. In 1938, the Reserve Bank formally assumed responsibility for issuing currency notes from the Government of India, and the first banknotes bearing the portrait of King George VI carried Taylor’s signature, written as “J. B. Taylor.” It appears on the 2, 5, 10, 100, 1000, and 10000 Rupees denominations — the earliest regular issues of Reserve Bank of India paper money. He did not sign 1 Rupee notes, which continued to be issued separately by the Government of India.
Taylor also oversaw aspects of Burma’s monetary administration, and his signature appears on Reserve Bank of India Burma notes and Military Administration of Burma issues.
Before this, Taylor held the Controller of Currency function for the Government of India, in which capacity his signature already appeared on pre-RBI King George V portrait banknotes — including the 5, 10, 50, 100, 1000, and 10000 Rupee denominations — as well as on 50 and 1000 Rupee uniface notes.
C. D. Deshmukh (1943–1949)
Sir Chintaman Dwarakanath Deshmukh became the first Indian Governor of the Reserve Bank of India in 1943, marking a major milestone in the gradual Indianisation of key financial institutions during the late colonial period. Educated at Cambridge University, he was a distinguished member of the Indian Civil Service and was knighted by the British government in 1944 in recognition of his wartime service. His tenure spanned the final years of British rule, World War II, Indian independence in 1947, and the partition of India and Pakistan.
Signature on Indian, Burma and Pakistan Banknotes
Deshmukh’s signature appears on a wide range of historically important banknotes spanning multiple political transitions. On late British India King George VI notes, his signature appears on the 2, 5, 10, and 100 Rupees denominations, circulated during World War II and the final years of colonial administration. He also signed several Burma-related wartime issues, including Military Administration of Burma notes and Burma Currency Board overprint issues.
Following partition in 1947, the RBI briefly served as the central bank for Pakistan, and Deshmukh’s signature appears on early Dominion of Pakistan banknotes that continued using King George VI designs. Most significantly, Deshmukh became the first RBI Governor to sign Indian banknotes bearing the Ashoka Pillar emblem, replacing the British monarch’s portrait with an Indian national symbol and marking the beginning of Republic-style Indian currency. He resigned in 1949 shortly before the RBI was nationalised.
B. Rama Rau (1949–1957)
Benegal Rama Rau, a senior member of the Indian Civil Service who had previously served as India’s Ambassador to the United States, became Governor of the Reserve Bank of India on 1 July 1949, shortly after the RBI was nationalised. He remains the longest-serving RBI Governor of the early post-independence era, guiding the institution through the formative years of India’s economic planning system until tensions with Finance Minister T. T. Krishnamachari over monetary policy led to his resignation in January 1957.
Signature on Indian Banknotes
Banknotes issued during Rama Rau’s governorship trace an important linguistic transition in early Republic India currency. The 2, 5, 10, and 100 Rupees denominations were each issued in three successive front-design varieties: an English-only front, an incorrect Hindi front using the grammatically singular “Rupaya,” and a correct Hindi front using the corrected plural “Rupaye.”
The high-value 1000, 5000 and 10000 Rupee notes, reintroduced only in 1954 after Hindi had already become standard on the obverse, skip the English-only stage entirely and begin directly at the incorrect “Rupaya” form before being corrected to “Rupaye”. For the full story of how Hindi moved from the reverse language panel to the obverse — and how these Rupaya/Rupaye varieties fit into the broader evolution of language on Indian banknotes — see our article on Languages on Indian Notes.
Indian banknotes signed by B. Rama Rau circulated extensively throughout the 1950s and are now regarded as classic early Republic India banknotes.
K. G. Ambegaonkar (1957)
Krishnanath Ganesh Ambegaonkar, a senior Indian Civil Service officer who had served as Secretary in the Ministry of Finance, was appointed interim Governor of the Reserve Bank of India following B. Rama Rau’s resignation in January 1957, holding the position for only a few weeks to ensure administrative continuity until a permanent successor was found.
Signature on Indian Banknotes
No Reserve Bank of India banknotes were issued bearing Ambegaonkar’s signature as Governor, given the brevity of his tenure. However, his signature does appear on 1 Rupee notes issued during his earlier service as Finance Secretary to the Government of India — 1 Rupee notes are issued directly by the Government of India and carry the Finance Secretary’s signature rather than the RBI Governor’s.
H. V. R. Iengar (1957–1962)
H. V. R. Iengar, a distinguished Indian Civil Service officer, became Governor of the Reserve Bank of India on 1 March 1957, succeeding K. G. Ambegaonkar. His tenure is especially important in the history of Indian currency because it coincided with the introduction of decimal coinage in 1957, replacing the old pies-and-annas system with 100 naye paise to the Rupee, and the issuance of special-purpose currency for overseas circulation.
Signature on Indian Banknotes
Iengar’s signature appears on several Ashoka Pillar series banknotes issued during the late 1950s and early 1960s, including the 2, 5, 10, 100, 1000, 5000, and 10000 Rupees denominations. The 100 Rupees note appeared with both an elephant motif and a large dam symbolising India’s industrial progress.
He is also closely associated among collectors with the RBI’s Persian Gulf Rupees, issued in 5, 10, and 100 Rupees denominations for circulation in Kuwait, Bahrain, Qatar, and the Trucial States, and with 10 and 100 Rupees Haj notes issued for Indian pilgrims travelling to Mecca — among the most historically interesting special-purpose issues of the period.
P. C. Bhattacharya (1962–1967)
Padmanabha Chetty Bhattacharya, previously Chairman of the State Bank of India, became Governor of the Reserve Bank of India on 1 March 1962. His tenure is remembered for the gradual introduction of reduced-size banknotes, a shift that lowered printing costs, improved handling, and became the format later adopted for most subsequent Indian currency.
Signature on Indian Banknotes
Bhattacharya’s signature appears on Ashoka Pillar series banknotes in denominations of 2, 5, 10, 100, and 1000 Rupees. Many of these issues exist in both the earlier large-size format and the newer reduced-size format introduced during his tenure, making his notes especially interesting to collectors documenting one of the most visible physical changes in Republic India currency.
L. K. Jha (1967–1970)
Lakshmi Kant Jha, a distinguished Indian Civil Service officer who had served as Secretary to Prime Minister Lal Bahadur Shastri, became Governor of the Reserve Bank of India on 1 July 1967. His tenure coincided with the nationalisation of 14 major commercial banks in July 1969 and the issuance of India’s first commemorative banknotes.
Signature on Indian Banknotes
Jha’s signature appears on reduced-size Ashoka Pillar banknotes in denominations of 2, 5, 10, and 100 Rupees, continuing the smaller banknote format of the previous governorship. He is best remembered among collectors, however, for signing India’s first commemorative banknote series: on 2 October 1969, the RBI issued Gandhi Birth Centenary notes in 2, 5, 10, and 100 Rupees denominations to mark the birth centenary of Mahatma Gandhi.
Jha did not sign the 1 Rupee Gandhi Centenary note, but his signature does appear on regular Government of India 1 Rupee notes dated 1957 and 1963, issued during his earlier service as Finance Secretary.
B. N. Adarkar (1970)
Bhagwati Narayan Adarkar, an economist who had served as Economic Adviser to the Government of India and later as RBI Deputy Governor, was appointed interim Governor on 4 May 1970 following L. K. Jha’s departure. His 42-day term is one of the shortest governorships in RBI history.
Signature on Indian Banknotes
Adarkar’s signature is best known from the reissued Mahatma Gandhi Birth Centenary commemorative banknotes released on 24 August 1970, in denominations of 2, 5, 10, and 100 Rupees, carrying forward the Gandhi centenary theme first introduced under L. K. Jha. No regular note series were introduced during his brief administration.
RBI Governor List, 1970–1990: Modernisation of Indian Currency
Following the post-independence consolidation years traced above, the Reserve Bank of India entered a new phase focused on financial expansion, inflation control, and institutional modernisation. One of the defining features of this era was the diversification of banknote denominations: the introduction of the ₹20 and ₹50 notes in the early 1970s, the 1978 demonetisation of ₹1000, ₹5000, and ₹10000 notes under I. G. Patel, and the reintroduction of the ₹500 note in 1987 under R. N. Malhotra — the first modern regular Indian banknote to feature Mahatma Gandhi’s portrait.
S. Jagannathan (1970–1975)
Sarukkai Jagannathan, an experienced Indian Civil Service administrator, assumed office as Governor of the Reserve Bank of India on 16 June 1970, shortly after the nationalisation of 14 major commercial banks under Prime Minister Indira Gandhi. His years as Governor are especially significant to collectors because they saw the introduction of the first ₹20 and ₹50 banknotes of Republic India, alongside several major reverse design changes.
Signature on Indian Banknotes
Jagannathan’s signature appears on Ashoka Pillar banknotes in denominations of 2, 5, 10, 20, 50, and 100 Rupees. The ₹20 denomination was first issued with the Parliament House reverse, while the ₹50 note featured Parliament House without the national flag. His tenure also introduced several new reverse designs, including the ₹5 tractor issue, the ₹10 peacock reverse, the ₹20 Chariot Wheel issue, and the ₹100 agriculture tractor motif, while the ₹2 tiger note appeared in a new violet colour. Earlier designs, including the brown ₹10 sailboat issue and the ₹100 small dam note, continued in circulation under his signature, and his tenure marked the final issue of the ₹5 four gazelles design.
In addition to RBI-issued banknotes, Jagannathan’s signature appears on Government of India 1 Rupee notes dated 1967 and 1968, issued during his earlier service as Finance Secretary.
N. C. Sen Gupta (1975)
Nirmal Chandra Sen Gupta, previously RBI Deputy Governor, assumed office as interim Governor on 19 May 1975, just weeks before the Emergency was declared in June 1975. His three-month tenure is unusual among collectors because his signature appears on only a single Indian banknote type.
Signature on Indian Banknotes
Sen Gupta’s signature appears only on the ₹1000 denomination, on the revised large-size Ashoka Pillar design featuring the two-column language panel on the obverse. The issue later gained major historical significance after the 1978 demonetisation of ₹1000, ₹5000, and ₹10000 notes under I. G. Patel.
K. R. Puri (1975–1977)
K. Ramaswami Puri, previously Chairman of the Life Insurance Corporation of India, became Governor of the Reserve Bank of India on 20 August 1975 during the Emergency. His signature is especially important to collectors because it appears on the final large-size ₹1000 Ashoka Pillar note issued before the 1978 demonetisation.
Signature on Indian Banknotes
Puri’s signature appears on Ashoka Pillar banknotes in denominations of 2, 5, 10, 20, 50, 100, and 1000 Rupees. His tenure introduced the ₹2 satellite reverse note, which circulated alongside the earlier tiger reverse issue, reflecting India’s growing emphasis on science and space research. Earlier designs also continued under his signature, including the ₹2 tiger reverse, ₹5 tractor reverse, ₹10 sailboat and peacock reverses, ₹20 Chariot Wheel note, and both major ₹100 varieties — the small dam reverse and the agriculture tractor motif. Among collectors, the most significant issue of his tenure is the final large-size ₹1000 note, later demonetised in 1978.
M. Narasimham (1977)
Mallinatha Narasimham, an economist and career central banker who had served as Executive Director at the International Monetary Fund, assumed office as Governor on 2 May 1977, shortly after the end of the Emergency. Although his tenure was brief, he later authored the influential Narasimham Committee reports of 1991 and 1998, which reshaped Indian banking liberalisation.
Signature on Indian Banknotes
Narasimham’s signature appears on Ashoka Pillar banknotes in denominations of 2, 5, 10, 20, 50, and 100 Rupees. The ₹2 note carried the satellite design, the ₹5 note the tractor reverse, and the ₹10 note both the brown sailboat and peacock reverse types. His signature also appears on the ₹20 chariot wheel issue, the ₹50 parliament house note without the national flag, and both the ₹100 small dam and agriculture tractor designs. In addition, his signature later appeared on Government of India 1 Rupee notes dated 1981, from his service as Finance Secretary.
I. G. Patel (1977–1982)
Dr. Indraprasad Gordhanbhai Patel, an economist educated at the London School of Economics and Oxford, became Governor of the Reserve Bank of India on 1 December 1977. His tenure is best remembered for the demonetisation of ₹1000, ₹5000, and ₹10000 banknotes in January 1978, intended to curb black money and unaccounted wealth held in high-denomination currency.
Signature on Indian Banknotes
Patel’s signature appears on Ashoka Pillar banknotes in denominations of 2, 5, 10, 20, 50, and 100 Rupees. The ₹2 denomination appeared with both tiger and satellite varieties, the ₹10 note in both brown sailboat and peacock reverse types, and the ₹50 note with and without the national flag. On the ₹100 denomination, his signature appears on three varieties: the final small dam design, the agriculture tractor motif with the older blue signature colour scheme, and the revised tractor type with the newer red signature scheme.
In addition to RBI-issued banknotes, Patel’s signature also appears on the Gandhi Birth Centenary 1 Rupee note and on Government of India 1 Rupee notes dated 1968 through 1972, from his earlier service as Finance Secretary.
Manmohan Singh (1982–1985)
Manmohan Singh, an economist educated at Cambridge and Oxford who had served as Chief Economic Adviser and Finance Secretary, became Governor of the Reserve Bank of India on 16 September 1982. He later became India’s Prime Minister and the architect of the 1991 liberalisation programme, but his RBI signature notes predate that chapter of his career by nearly a decade.
Signature on Indian Banknotes
Singh’s signature appears on Ashoka Pillar banknotes in denominations of 2, 5, 10, 20, 50, and 100 Rupees. These include the ₹2 tiger type, issued with both the earlier and revised RBI seal on the reverse, as well as the ₹2 satellite variety, ₹5 tractor issue, ₹10 sailboat and peacock designs, ₹20 chariot wheel note, ₹50 parliament house issue with the national flag, and the ₹100 agriculture tractor motif. His signature also appeared on the earlier Government of India 1 Rupee notes dated 1976 through 1980, from his service as Finance Secretary.
A. Ghosh (1985)
Amitav Ghosh, a senior career RBI official, assumed office as Governor on 15 January 1985 following Manmohan Singh’s departure, holding the position for only twenty days — the shortest tenure in RBI history — as a temporary arrangement until a permanent successor was selected.
Signature on Indian Banknotes
Ghosh’s signature appears on only a limited range of Ashoka Pillar banknotes: the ₹2 note (tiger and satellite reverse types), the ₹5 tractor issue, and the ₹10 sailboat design. Because these notes were issued for such a brief period, they are comparatively rarer than notes signed by longer-serving Governors.
R. N. Malhotra (1985–1990)
Rangaswamy Narasimhan Malhotra, previously India’s Executive Director at the International Monetary Fund, became Governor of the Reserve Bank of India on 4 February 1985. His tenure saw growing computerisation within the banking sector and, most notably for collectors, the reintroduction of the ₹500 banknote featuring Mahatma Gandhi’s portrait.
Signature on Indian Banknotes
Malhotra’s signature appears on late Ashoka Pillar banknotes in denominations of 2, 5, 10, 20, 50, 100, and 500 Rupees. Several denominations exist with both old and revised RBI seal varieties, identifiable by the caption below the Ashoka Lion Capital on the front of the note — this includes the ₹2 satellite, ₹5 tractor, and ₹10 sailboat issues. His signature also appears on the ₹2 tiger note with the revised seal, the ₹10 peacock reverse, ₹20 chariot wheel issue, ₹50 parliament house note with the national flag, and the ₹100 agriculture tractor motif in both red and black signature varieties.
The most historically important banknote of his tenure is the reintroduced ₹500 note issued in 1987, the first modern regular-issue Indian banknote to prominently feature Gandhi’s portrait, and an important precursor to the Mahatma Gandhi series introduced nationwide in 1996. Malhotra’s signature also appeared on Government of India 1 Rupee notes dated 1980 and 1981, from his earlier service as Finance Secretary.
Conclusion
This RBI Governor list spans one of the most important eras in the history of the Reserve Bank of India and the evolution of Indian currency. Across fifty-five years, the RBI transformed from a newly established colonial institution into the central banking authority of an independent, increasingly complex nation, and its Governors managed wartime finance, independence and partition, decimalisation, bank nationalisation, and demonetisation along the way.
For collectors of Indian paper money, the signatures in this RBI Governor list provide a unique, continuous timeline linking monetary policy with the physical evolution of currency. From the first RBI-issued King George VI notes signed by J. B. Taylor, through the early Ashoka Pillar series and the Gandhi Birth Centenary commemorative issues signed by L. K. Jha and B. N. Adarkar, to the introduction of the ₹20 and ₹50 notes under S. Jagannathan, the 1978 demonetisation associated with I. G. Patel, and the first Gandhi portrait ₹500 note signed by R. N. Malhotra — each signature reflects a distinct chapter in India’s monetary development.
