Lakshmi Kant Jha

Lakshmi Kant Singh Jha
Born	1913-11-22 Darbhanga district, Bihar, India
Died	1988-01-16
Occupation(s)	Civil servant, banker, diplomat
Years active	1936–1988
Known for	Eighth Governor of the Reserve Bank of India; Ambassador to the United States; Governor of Jammu and Kashmir

Lakshmi Kant Singh, MBE (22 November 1913 – 16 January 1988), originally from Darbhanga district, Bihar, served as the eighth Governor of the Reserve Bank of India between 1 July 1967 and 3 May 1970.

Education and career

Born into a Maithil Brahmin lineage in Darbhanga, Bihar, Lakshmi Kant Jha entered the Indian Civil Service in 1936. His academic journey included studies at Benares Hindu University (BHU), Trinity College, Cambridge, and the London School of Economics. While at Cambridge, he was instructed in economics by John Maynard Keynes, and at LSE, his mentor was Harold Laski. Under British administration, Jha advanced to the role of Deputy Secretary in the Department of Supply and was honored with an MBE in the 1946 New Year Honours. Following India's independence, he held secretary positions within the Ministries of Industries, Commerce, and Finance. Additionally, he acted as Secretary to Prime Ministers Lal Bahadur Shastri (1964–1966) and Indira Gandhi (1966–1967) before his appointment as Governor of the RBI.

Major works and achievements

Jha's governorship at the RBI saw the release on 2 October 1969 of ₹2, ₹5, ₹10, and ₹100 banknotes commemorating Mahatma Gandhi’s birth centenary. These notes featured his signature in both English and Hindi, marking the debut of Hindi on Indian currency. His term also encompassed significant reforms such as the nationalization of fourteen major commercial banks and the implementation of social controls over banking institutions. Furthermore, he oversaw the creation of the National Credit Council and initiated the Lead Bank Scheme aimed at enhancing credit accessibility. Statutory gold regulations were established during this period; Deposit Insurance coverage was extended to Cooperative banks; and the Agricultural Credit Board was formed.

From 1970 to 1973, Jha served as India’s ambassador to the United States amid the Indo-Pak conflict culminating in Bangladesh’s independence. His diplomatic acumen was recognized by Henry Kissinger in White House Years. Jha authored works including Mr. Red Tape and Economic Strategy for the 80s: Priorities for the Seventh Plan. Between 1973 and 1981, he governed Jammu and Kashmir, earning a reputation for fair administration. In the 1980s, he participated as a member of the Brandt Commission addressing North-South economic challenges and chaired the Economic Administration Reforms Commission from 1981 until his death in 1988. Throughout this time, he provided economic counsel to Prime Ministers Indira Gandhi and Rajiv Gandhi. At his passing, Jha was serving as a member of the Rajya Sabha. To commemorate his contributions, the RBI inaugurated the L.K. Jha Memorial Lectures in 1990.

External links

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