Every rupee note today carries the RBI Governor’s signature in both English and Hindi. That convention began with one man, in 1969, on a set of notes marking Gandhi’s birth centenary. L.K. Jha was that Governor.
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Indian Economy · IndEco0170
L.K. Jha
8th RBI Governor, and the man behind its Hindi signature
22 Nov 1913
Born in Darbhanga, Bihar.
1936
Joins the Indian Civil Service (ICS).
1964-1966
Serves as Principal Secretary to the Prime Minister, under Shastri, then Indira Gandhi.
1 Jul 1967
Becomes the 8th Governor of the Reserve Bank of India.
2 Oct 1969
RBI issues Gandhi birth-centenary notes, his signature the first in Hindi on Indian currency.
3 May 1970
Steps down as RBI Governor; becomes India’s Ambassador to the United States.
1973
Becomes Governor of Jammu & Kashmir.
16 Jan 1988
Dies, in Pune.
A convention still followed today
The bilingual signature Jha introduced in 1969 became standard practice. Every RBI Governor since has signed Indian currency in both English and Hindi.
Timeline
- 22 November 1913: L.K. Jha is born in Darbhanga, Bihar.
- 1936: He joins the Indian Civil Service (ICS).
- 1964-1966: He serves as Principal Secretary to the Prime Minister, under Lal Bahadur Shastri, then Indira Gandhi.
- 1 July 1967: He becomes the 8th Governor of the Reserve Bank of India.
- 2 October 1969: RBI issues Gandhi birth-centenary notes, carrying his signature, the first in Hindi on Indian currency.
- 3 May 1970: He steps down as RBI Governor, and becomes India’s Ambassador to the United States.
- 1973: He becomes Governor of Jammu & Kashmir.
- 16 January 1988: He dies, in Pune.
Must Know
- L.K. Jha (1913-1988) was the eighth Governor of the Reserve Bank of India, serving from 1 July 1967 to 3 May 1970.
- He was a member of the Indian Civil Service (ICS), joining in 1936.
- Before RBI, he served as Principal Secretary to the Prime Minister. He held this role under both Lal Bahadur Shastri and Indira Gandhi, from 1964 to 1966.
- During his tenure, RBI issued the Gandhi birth-centenary currency notes (in ₹2, 5, 10, and 100 denominations), on 2 October 1969.
- Those notes carried his signature in Hindi as well as English. This was the first time an RBI Governor’s signature appeared in Hindi on Indian currency.
- His tenure also saw the nationalisation of 14 major commercial banks, in 1969.
- After RBI, he served as India’s Ambassador to the United States, from 1970. He later became Governor of Jammu & Kashmir, from 1973.
Good to Know
- He studied at Benaras Hindu University, then at Trinity College, Cambridge. There, he studied economics under John Maynard Keynes.
- As RBI Governor, he introduced the Lead Bank Scheme, and established the National Credit Council. He also extended deposit insurance to cooperative banks.
- As Ambassador to the US, from 1970 to 1973, he served through the India-Pakistan war and Bangladesh’s liberation.
- In the late 1970s, he served as Deputy Chairman of the Brandt Commission, an international body examining global development issues.
- From 1981, he chaired the Economic Administration Reforms Commission.
- He was a nominated Rajya Sabha member from Bihar, from 1986 until his death.
Test Yourself
Great to Know
- See IndEco0169 — I.G. Patel, who became RBI’s 14th Governor a decade after Jha’s own tenure ended.
- See Economy0018 — Central Banking, for how the RBI’s role fits within India’s wider monetary system.
- The Hindi-signature convention Jha began in 1969 is still followed on Indian currency today.
- His career traces an unusually direct line: top civil servant, then central banker, then diplomat, spanning both domestic economic policy and international affairs.
- RBI instituted the L.K. Jha Memorial Lectures in 1990, in his honour.
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