C. D. Deshmukh

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Chintaman Dwarakanath Deshmukh (14 January 1896 - 2 October 1982) or C. D. Deshmukh was the third Governor but first Indian Governor of the Reserve Bank of India from 11 August 1943 to 30 June 1949. He later became the Finance Minister of independent India. He was married to freedom fighter and activist, Durgabai Deshmukh. He was educated at and at Jesus College, Cambridge where curiously he graduated in the field of Natural Sciences.

He was a member of the Indian Civil Services, and was associated with the Reserve Bank since 1939, when he was appointed as liaison officer of the Government. He served later as Secretary and in 1941 as Deputy Governor of the Bank. He took over the reigns of this office on the demise of James Taylor, and was appointed Governor on 11 August, 1943.

Deshmukh's tenure as Governor saw him represent India at the Bretton Woods conference held from 1 July to 22 July 1944. This conference lead to the establishment of the International Monetary Fund (IMF) and International Bank for Reconstruction and Development (IBRD). He was a member of the Board of Governors for ten years in both of these institutions. In 1950 at Paris at the conference of these two institutions he was the Chairman at the Joint Annual Meeting.^[1]

When India got its independence in 1947, he oversaw the transition of India, with the post-partition division of the assets and liabilities of the Reserve Bank between India and Pakistan.

When the bank was nationalised on the 1st January 1949, he saw through the smooth transition of the Bank from a shareholder’s institution to a national organisation.

He later held the office of Union Finance Minister between 1950-56.

He was co-recipient of the Ramon Magsaysay Award for distinguished Government Service in 1959, along with Jose Aguilar of the Philippines.^[2] Jesus College, Cambridge, Deshmukh's old college elected him an Honorary Fellow in 1952, in recognition of his distinguished contribution in the areas of Indian and international finance and administration.