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.
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