P. C. Bhattacharya
Encyclopedia
P. C. Bhattacharya was the seventh Governor of the Reserve Bank of India
from 1 March 1962 to 30 June 1967. Unlike his predecessors he was a member of the Indian Audits and Accounts Service (IA&AS). He served as Secretary in the Finance Ministry and later as Chairman of the State Bank of India
before his appointment as the Governor.
Bhattacharya's tenure saw the establishment of the Industrial Development Bank of India in 1964, the Agricultural Refinance Corporation in 1963 and the Unit Trust of India
in 1964.
Additionally the size of the Indian rupee
notes of denomination 5, 10 and 100 were reduced from the earlier large format to the size it is today. While this was done for economic reasons, to reduce the cost of paper and printing costs, it helped in bringing the notes to a handy size. These notes where issued on 17 April 1967, the Rs 5 note reduced size from 127x73mm to 117x63, the 10 note reduced from 146x83mm to 137x63mm and the Rs 100 from 172x109mm to 158x73mm.
Reserve Bank of India
The Reserve Bank of India is the central banking institution of India and controls the monetary policy of the rupee as well as US$300.21 billion of currency reserves. The institution was established on 1 April 1935 during the British Raj in accordance with the provisions of the Reserve Bank of...
from 1 March 1962 to 30 June 1967. Unlike his predecessors he was a member of the Indian Audits and Accounts Service (IA&AS). He served as Secretary in the Finance Ministry and later as Chairman of the State Bank of India
State Bank of India
The State Bank of India is the largest Indian banking and financial services company with its headquarters in Mumbai, India. It is state-owned. The bank traces its ancestry to British India, through the Imperial Bank of India, to the founding in 1806 of the Bank of Calcutta, making it the oldest...
before his appointment as the Governor.
Bhattacharya's tenure saw the establishment of the Industrial Development Bank of India in 1964, the Agricultural Refinance Corporation in 1963 and the Unit Trust of India
Unit Trust of India
Unit Trust of India is a financial organization in India.Unit Trust of India was created by the UTI Act passed by the Parliament in 1963. For more than two decades it remained the sole vehicle for investment in the capital market by the Indian citizens. In mid- 1980s public sector banks were...
in 1964.
Additionally the size of the Indian rupee
Indian rupee
The Indian rupee is the official currency of the Republic of India. The issuance of the currency is controlled by the Reserve Bank of India....
notes of denomination 5, 10 and 100 were reduced from the earlier large format to the size it is today. While this was done for economic reasons, to reduce the cost of paper and printing costs, it helped in bringing the notes to a handy size. These notes where issued on 17 April 1967, the Rs 5 note reduced size from 127x73mm to 117x63, the 10 note reduced from 146x83mm to 137x63mm and the Rs 100 from 172x109mm to 158x73mm.