'Lakshmi Kant Jha' (22 November 1913 – 16 January 1988), born in Darbhanga, Bihar,[1] or L. K. Jha as he was called, was the eighth Governor of the Reserve Bank of India from 1 July 1967 to 3 May 1970.[2] A member of the Indian Civil Service, Jha had served as Secretary to the Prime Minister of India, prior to his appointment as Governor of RBI.[3]
During his tenure the Indian Rupee notes of denominations of 2, 5, 10, and 100, commemorating the birth centenary of Mahatma Gandhi was released on 2 October 1969, these notes bear his signature, a subsequent re-issue on this series notes bears the signature of B. N. Adarkar.[4] His tenure also saw nationalization of 14 major commercial banks, introduction of social controls over commercial banks, establishment of National Credit Council, and the introduction of Lead Bank Scheme to facilitate credit delivery.[5] Amongst other developments, gold controls were brought on a statutory basis; Deposit Insurance was in principle extended to Cooperative banks; and the setting up of the Agricultural Credit Board.[6]
He served at India's ambassador to the United States after his term expired, and authored two books named "Mr. Red Tape" and "Economic strategy for the 80s: priorities for the Seventh Plan".[7] He was governor of Jammu and Kashmir state from 3 July 1973 to 22 February 1981. He was a member of the Brandt Commission and at the time of his death, a member of the Rajya Sabha. The RBI instituted the L.K. Jha Memorial Lectures in commemoration of his memory.[8]
| Political offices | ||
|---|---|---|
| Preceded by Ali Yavar Jung |
Indian Ambassador to the United States 1970–1973 |
Succeeded by T. N. Kaul |
| Government offices | ||
| Preceded by P. C. Bhattacharya |
Governor of the Reserve Bank of India 1967–1970 |
Succeeded by B. N. Adarkar |