Churchgate Railway Station in Mumbai will now be known as First Indian RBI Governor CD Deshmukh

Tags: State News

Recently Maharashtra Chief Minister Eknath Shinde has passed a resolution to rename the Churchgate railway station in Mumbai after CD Deshmukh, the first governor of the Reserve Bank of India (RBI).

An overview of the news

• The name of the station will be 'Chintamanrao Deshmukh Station'.

Who is CD Deshmukh?

• CD Deshmukh, a famous economist, was born on 14 January 1896 in a Marathi family in Raigad district of Maharashtra.

• After studying in England, he joined thecivil service and became the first Indian governor of the RBI in 1943 under the British Raj.

• Later, as the Union Finance Minister from 1950 to 1956, CD Deshmukh contributed to the economic development of the country.

• One of Deshmukh's notable achievements as governor was the establishment of the Industrial Finance Corporation of India (IFCI) in 1948.

• IFCI was established to provide long-term finance to industrial projects, which was vital to the development of India's industrial sector.

• He also played a major role in setting up the International Monetary Fund (IMF) and the International Bank for Reconstruction and Development (IBRD) after World War II.

• He represented India at the Bretton Woods Conference in 1944, where the IMF and the IBRD were established.

• He was knighted by the British government in 1944 and awarded the Bharat Ratna, India's highest civilian award, in 1959.