B. N. Adarkar
Bhaskar Namdeo Adarkar | |
|---|---|
| Born | Template:Birth date |
| Died | March 20, 1998 (aged 87) |
| Occupation(s) | Economist, Civil servant |
| Years active | 1940s–1970 |
| Known for | Ninth Governor of the Reserve Bank of India |
Bhaskar Namdeo Adarkar (18 May 1910 – 20 March 1998) served as the ninth Governor of the Reserve Bank of India for a brief period from 4 May 1970 until 15 June 1970. His tenure, lasting just 42 days, ranks as the second-shortest in the history of the RBI, acting as a temporary appointment before S. Jaganathan assumed the position.
Professional career
In contrast to earlier Governors who were typically drawn from the Indian Civil Service, Adarkar was an economist by profession. He held the position of Economic Adviser to the Government of India and occupied significant roles within the Ministry of Commerce & Industry. In recognition of his services, he was honored as a Member of the Order of the British Empire (MBE) in 1946. Prior to his appointments as Deputy Governor and subsequently interim Governor of the RBI, he was commissioned in March 1947 to develop a health insurance plan for industrial laborers. His recommendations laid the groundwork for the Employment State Insurance (ESI) Act enacted in 1948.
Major contributions
During Adarkar's brief governorship, Indian Rupee banknotes in denominations of ₹2, ₹5, ₹10, and ₹100 were reissued on 24 August 1970 to mark Mahatma Gandhi's birth centenary. These notes featured his signature, whereas previous editions bore that of L. K. Jha. Due to the short duration of his interim leadership, no other currency notes display his autograph. These particular banknotes are relatively scarce and attract notable premiums on the grey market; for instance, a five-rupee note signed by him can fetch between ₹300 and ₹500.
Before India's independence, in March 1947, Adarkar submitted a report proposing a health insurance scheme aimed at industrial workers, which subsequently served as the foundation for the Employees' State Insurance Act of 1948. Additionally, he represented India as its Executive Director at the International Monetary Fund. While serving as Deputy Governor at RBI, he played an instrumental role in founding the National Institute of Bank Management.