Art and science of central banking: RBI governors since 1991 reforms

The Reserve Bank of India has seen nine governors since the balance of payments crisis of 1991, which eventually led to the opening up of the Indian economy. While the liberalisation led to higher economic growth, it didn’t leave the subsequent governors without any challenges. From the Asian crisis to the global financial crisis to the once-in-a-century pandemic followed by geopolitical tensions, the challenges of the post-economic liberalisation era kept governors busy. They ensured that the impact of these external events had minimal impact on the Indian financial system while maintaining the independence and integrity of the central bank. There