B. N. Adarkar

Bhaskar Namdeo Adarkar MBE (18 May 1910[1]–20 March 1998[2]) was the ninth Governor of the Reserve Bank of India from 4 May 1970 to 15 June 1970.[3] His term was the second-shortest (42 days) after Amitav Ghosh who had served for only 20 days. His term was short since he was filling in as interim before S. Jaganathan took over.[4]

Bhaskar Namdeo Adarkar
Governor Reserve Bank of India
Order of the British Empire
In office
4 May 1970 – 15 June 1970
Preceded byL. K. Jha
Succeeded bySarukkai Jagannathan
Personal details
Born(1910-05-18)18 May 1910
Vengurla, Maharashtra, India
Died20 March 1988
NationalityIndian
EducationM.A.
OccupationEconomist, Banker
Known forGovernor, RBI; Executive Director, IMF

Professional career

Unlike his predecessors who were from the Indian Civil Service, Adarkar was an economist and had served in the office of the Economic Adviser of the Government of India. Prior to that he had held various important positions in the Ministry of Commerce & Industry. He was appointed a Member of the Order of the British Empire (MBE) in the 1946 New Year Honours.[5] He was the Deputy Governor of the Reserve Bank before filling in as interim Governor. In March 1947 before Indian independence he was appointed by the Government of India to create a health insurance scheme for industrial workers.[6] A year later the report he submitted became the basis for the Employment State Insurance (ESI) Act of 1948.[6]

Major contributions

During his tenure the Indian Rupee notes of denominations 2, 5, 10, and 100, commemorating the birth centenary of Mahatma Gandhi was reissued on 24 August 1970, these notes bear his signature, the earlier issue bears the signature of L. K. Jha.[7] Due to his short interim term his signature does not appear on any other Indian rupee notes. Due to their relative rarity, banknotes bearing his signature[8] are sold at a huge premium in grey market.[9] A five rupee banknote signed by him sells at rupees 300 to 500.

In March 1947, before India's independence, Adarkar had submitted a report to Government on health insurance scheme for industrial workers. Later this report became the basis of the Employees' State Insurance Act, 1948. Adarkar also served as India's Executive Director at the International Monetary Fund. As Deputy Governor, RBI he was involved in the establishment of the National Institute of Bank Management.

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References
  1. https://www.google.co.in/search?tbm=bks&hl=en&q=%22Malhotra%22+Reserve+bank+india#hl=en&q=%22Adarkar%2C+Bhaskar%22+who%27s+who&tbm=bks
  2. http://rbi.org.in/scripts/AnnualReportPublications.aspx?Id=14
  3. "B N Adarkar". Reserve Bank of India. Archived from the original on 16 September 2008. Retrieved 15 September 2008.
  4. "List of Governors". Reserve Bank of India. Archived from the original on 30 December 2006. Retrieved 8 December 2006.
  5. "No. 37407". The London Gazette. 28 December 1945. p. 59.
  6. Social Security and Social Obligation Sociology for Nurses : A Textbook for Nurses and Other Medical Practitioners By C M Abraham Retrieved 23 August 2013
  7. Jain, Manik (2004). 2004 Phila India Paper Money Guide Book. Kolkata: Philatelia. pp. 19, 26, 35, and 61.
  8. "RBI Governors' Signatures on Indian Banknotes". News 18. Retrieved 26 June 2019.
  9. "5 Rupee Bank Note B N Adarkar". Golden Collection. Retrieved 23 June 2019.
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