C. D. Deshmukh

Chintaman Deshmukh was born to Dwarakanath Raje-Deshmukh, a lawyer and Bhagirathibai Raje-Deshmukh (née Sule-Mahagaonkar family) on 14 January 1896 in Nategaon, near Fort Raigad, Maharashtra in a Chandraseniya Kayastha Prabhu family and communtiy which descended from migrant soldiers and administrators from Jammu & Kashmir via Mandavgad, Madhya Pradesh in the 14th century.{{Cite book |last=Gupte |first=Baḷakrishna Atmarama |url=https://archive.org/details/dli.ministry.03509/page/n14/mode/1up?view=theater |title=The Kayastha Prabhus of Bombay Baroda Central India and Central Provinces |publisher=Ramchandra.B.Gupte, Calcutta}}{{Cite book |last=P.N. Chopra |url=https://archive.org/details/religionscommuni0000pnch |title=Religions and Communities of India |date=1998-01-01 |publisher=Orient Paperbacks,India |others=Internet Archive |isbn=978-81-7094-296-2}}{{cite book | url=https://books.google.com/books?id=XSUXjSejIVwC&pg=PA33 | title=Great Administrators Of India | publisher=Kalpaz Publications | author=M.L. Ahuja | year=2009 | location=Delhi | page=33| isbn=9788178357294 }} He was schooled at Roha and Tala and at the Elphinstone High School, Bombay.{{cite book | url=https://books.google.com/books?id=wULAAAAAQBAJ&pg=PT80 | title=Barons of Banking | publisher=Random House India | author=Bakhtiar Dadabhoy | year=2013 | location=Noida| isbn=9788184004762 }} In 1912, Deshmukh passed the Matriculation Examination of the University of Bombay with record marks and secured the first Jagannath Shankarseth Scholarship in Sanskrit.{{cite book | url=https://books.google.com/books?id=dz9wl5vvKCAC&pg=PA105 | title=The Cloister's Pale: A Biography of the University of Mumbai | publisher=Popular Prakashan | author=Aruṇa Ṭikekara | year=2006 | location=Mumbai | page=105| isbn=9788179912935 }} In 1915 he went to England and graduated with a degree in Natural Sciences Tripos from Jesus College, Cambridge in 1917. He was awarded the Frank Smart Prize in Botany and was also president of the Majlis Society. In 1918 he sat for, and stood first in the Indian Civil Service Examination, then held only in London.{{cite book | url=https://books.google.com/books?id=EdiOAgAAQBAJ&pg=PA129 | title=Nationalism, Education and Migrant Identities: The England-returned | publisher=Routledge | author=Sumita Mukherjee | year=2010 | location=Oxon | page=129| isbn=9781135271138 }}{{cite web | url=https://m.rbi.org.in/Content/Annual_CDMemorial.aspx | title=Chintaman Deshmukh Memorial Lectures | publisher=Reserve Bank of India | access-date=4 July 2016}}

Deshmukh returned to India in 1920 and worked in the Central Provinces and Berar where he went on to hold several posts including as undersecretary to the government, Deputy Commissioner and Settlement Officer and as secretary to the Secretary-General at the Second Round Table Conference of 1931, later becoming secretary to the finance and public works department.{{cite web|url=http://www.mptreasury.org/mpt/public/policyrules/mptcv2/mptcv2app1.pdf|title=TREASURY CODE VOL- II|access-date=4 July 2016|page=5}}{{cite journal|url=http://www.asibhopal.nic.in/monument/pdf/distt.seoni/ghansor/standing_jain_image_of_digambar/FINAL.pdf|title=Central Provinces & Berar Gazette|journal=Central Provinces & Berar Gazette|date=October 1937|page=1301}} He also served briefly as Joint Secretary to Government of India in the departments of education and health and was Custodian of Enemy Property.{{cite web|url=http://www.rmaf.org.ph/newrmaf/main/awardees/awardee/biography/84|title=Deshmukh, Chintaman|publisher=Ramon Magsaysay Award Foundation|date=August 1959|access-date=13 July 2016|archive-url=https://web.archive.org/web/20160828013506/http://www.rmaf.org.ph/newrmaf/main/awardees/awardee/biography/84|archive-date=28 August 2016|url-status=dead}}

Deshmukh joined the Reserve Bank of India in 1939 and served successively as its Secretary to the Board, Deputy Governor and the Governor.{{cite book | url=https://books.google.com/books?id=eiijBQAAQBAJ&pg=PA4 | title=Essays on Econometrics and Planning | publisher=Elsevier | author=C R Rao | year=2014 | location=New Delhi | page=2| isbn=9781483225616 }} He was appointed Governor of the Reserve Bank of India in August 1943 and is one of the eight Deputy Governors of the Bank who have gone on to become its Governor.{{cite book | url=https://books.google.com/books?id=9ew8AAAAIAAJ&pg=PA795| title=The Cambridge Economic History of India: Volume 2, C.1751-c.1970 | publisher=Cambridge University Press | author=Tapan Raychaudhuri | author2=Dharma Kumar | author3=Irfan Habib | author4=Meghnad Desai | year=1983 | location=Cambridge | pages=795–796| isbn=9780521228022 }}{{cite book | url=https://books.google.com/books?id=A8WWI8BZvo0C&pg=PA89| title=Money, Banking, and Economic Reforms | publisher=Deep & Deep Publications | author=Alok Ghosh |author2=Raj Kumar Sen | year=2002 | location=New Delhi | page=89| isbn=9788176293907 }} As Governor, Deshmukh helped establish the Industrial Finance Corporation and focused on the promotion of rural credit.{{cite book | url=https://books.google.com/books?id=OIFXAwAAQBAJ&pg=PA251| title=Forgotten Foundations of Bretton Woods: International Development and the ... | publisher=Cornell University Press | author=Eric Helleiner | year=2014 | page=251| isbn=9780801470608 }} Deshmukh's tenure saw the RBI begin a Research and Statistics department, the demonetisation of bank notes of {{INR}} 500 and above, the ceasing of the RBI's role as the central banks of Burma and State Bank of Pakistan and the enactment of the Banking Companies Act, 1949 that laid down the framework for regulation of India's banking sector.{{cite book | url=https://books.google.com/books?id=voI77SqQm64C&pg=PA67| title=Indian Financial System & Markets | publisher=Tata McGraw Hill | author=Siddhartha Shankar Saha | year=2013 | location=New Delhi | page=67| isbn=9781259051159 }} The RBI was nationalised on 1 January 1949 through the RBI Act, 1948.{{cite book | url=https://books.google.com/books?id=6J-HAwAAQBAJ&pg=PA265| title=Credit Risk Management for Indian Banks | publisher=SAGE | author=K. Vaidyanathan | year=2013 | location=New Delhi | page=265| isbn=9788132116516 }}

Deshmukh opposed this proposal for nationalisation but agreed to continue as the chairman of the board of directors presiding over the transition of the bank from a private to a nationalised institution.{{cite book | url=https://books.google.com/books?id=Ujm4qL0K5VYC&pg=PT319 | title=The Domestic Abroad: Diasporas in International Relations | publisher=Oxford University Press | author=Latha Varadarajan | year=2010 | location=New York| isbn=9780199889877 }}{{cite book | url=https://books.google.com/books?id=XoAzjuBplekC&pg=PA338| title=Bank Management | publisher=Discovery Publishing House | author=V.S.P. Rao | year=1999 | location=New Delhi | page=338| isbn=9788171415106 }}{{cite book | url=https://books.google.com/books?id=8ywnAgAAQBAJ&pg=PA252| title=Financial Terms Simplified | publisher=SAGE | author=Gautam Majumdar | year=2013 | location=New Delhi | page=252| isbn=9788132117797 }} In July 1949 Benegal Rama Rau succeeded Deshmukh as the Governor of the RBI.

Deshmukh was a member of a five-member delegation representing India at the Bretton Woods Conference that established the International Monetary Fund (IMF) and International Bank for Reconstruction and Development (IBRD).{{cite news | url=http://www.livemint.com/Politics/780KxCsIBfQCGou90IE2kK/A-page-from-history-70-years-before-the-Brics-bank.html | title=A page from history: 70 years before the Brics bank | work=Live Mint | date=23 July 2014 | access-date=11 July 2016 | author=Niranjan Rajadhyaksha}} On the issue of quotas, Deshmukh suggested that India walk out of the conference since the original hierarchy would have excluded India from being automatically represented through an executive director at the IMF.{{cite book | url=https://books.google.com/books?id=OHocBgAAQBAJ&pg=PA168 | title=Wartime Origins and the Future United Nations | publisher=Routledge | author=Pallavi Roy | author-link=Financing gaps, competitiveness and capabilities: why Bretton Woods needs a rqadical rethink | year=2015 | location=New York | page=168| isbn=9781134668731 }} The delegation also succeeded in bringing the issues of poverty and development into the agenda of the IBRD.{{cite news | url=http://www.livemint.com/Sundayapp/OTKspkiceV5ipSvHgRaSVO/How-India-shaped-international-monetary-policy-at-Bretton-Wo.html | title=How India shaped international monetary policy at Bretton Woods | work=Live Mint | date=11 July 2016 | access-date=11 July 2016 | author=Ankit Mital}} It is said that John Maynard Keynes was so impressed by the "dignity, ability and reasonableness" of Deshmukh that he recommended Deshmukh head the IMF as its first managing director a suggestion that was however rejected by the United States.{{cite book | url=https://books.google.com/books?id=90F4-l5hNpQC&pg=PA98 | title=Indian Economy: Reviews And Commentaries - Volume 3 | publisher=ICFAI University Press | author=Venkitaramanan S | year=2005 | location=Hyderabad | page=98| isbn=9788178815732 }}{{cite news | url=http://www.livemint.com/Opinion/2yf1NY9O5813JKwLEgIOvO/That-job-at-the-IMF.html | title=That job at the IMF | work=Live Mint | date=24 May 2011 | access-date=11 July 2016 | author=Niranjan Rajadhyaksha}}{{cite news | url=http://www.livemint.com/Opinion/qmwtEk5TYrflLzoMGVCk7O/World-Bank-or-elite-club.html | title=World Bank or elite club? | work=Live Mint | date=22 May 2007 | access-date=11 July 2016}}

He was a member of the Board of Governors of both of these institutions from 1946 to 1956. In 1950, he was elected Chairman of the Joint Annual Meeting of the Boards of Governors of these institutions at its Paris Conference.{{cite book | url=http://www.perjacobsson.org/lectures/1965.pdf | title=THE BALANCE BETWEEN MONETARY POLICY AND OTHER INSTRUMENTS OF ECONOMIC POLICY IN A MODERN SOCIETY | publisher=Per Jacobsson Foundation | year=1965 | location=Washington D C | page=66}}

Following Partition, the division of income tax revenue and jute export duty between the Union government and the states of India had to be decided based on the changed geographical realities. The Government of India appointed Deshmukh to resolve this matter pending the establishment of a Finance Commission. The Deshmukh Award, which was effected in 1950, factored in population in deciding the division of revenue and recommended grants in aid for various states and remained in force until April 1952.{{cite book | url=https://books.google.com/books?id=4_1OU9cVM4YC&pg=PA311 | title=Encyclopaedic Dictionary of Economics, Volume 1 | publisher=Mittal Publications | author=N. B. Ghodke | year=1985 | location=Delhi | page=311}}{{cite book | url=https://books.google.com/books?id=xeJEXFnGS6AC&pg=PA559 | title=Economic History of India: 1857-1956 | publisher=Allied Publishers | author=V B Singh | author-link=Inter Governmental Fiscal Relations |author2=Shailendra Singh| year=2002 | location=New Delhi | page=559}}{{cite book | url=https://books.google.com/books?id=ro9eBAAAQBAJ&pg=PA16| title=Financial Administration in India | publisher=PHI Learning | author=Sanjeev Kumar Mahajan |author2=Anupama Puri Mahajan | year=2014 | location=Delhi | page=16| isbn=9788120349360 }}{{Cite book |url=https://books.google.com/books?id=iAMOo0F5WnEC&pg=PA295|title=Public Finance, Volume 2 |last=Chand |first=S.N. |publisher=Atlantic Publishers |year=2008|isbn=9788126908820 }}

Deshmukh was one of five members of the Planning Commission when it was constituted in 1950 by a cabinet resolution.{{cite book | url=https://books.google.com/books?id=376oAgAAQBAJ&pg=PA106| title=Vision and Strategy in Indian Politics: Jawaharlal Nehru's Policy Choices and the Designing of Political Institutions | publisher=Routledge | author=Jivanta Schoettli | year=2012 | location=Oxon | page=106| isbn=9781136627873 }}{{cite book | url=https://books.google.com/books?id=F_2KeZsYcjQC&pg=PT84| title=Development Administration | publisher=PHI Learning | author=S. A. PALEKAR | year=2012 | location=New Delhi | page=74| isbn=9788120345829 }} Deshmukh succeeded John Mathai as the Union Finance Minister in 1950 after Mathai resigned in protest over the transfer of certain powers to the Planning Commission.{{cite news | url=http://indianexpress.com/article/opinion/columns/once-upon-a-plan/ | title=Once upon a plan | work=The Indian Express | date=26 September 2014 | access-date=11 July 2016 | author=Inder Malhotra}} As Finance Minister, Deshmukh continued to remain a member of the Planning Commission.{{cite web | url=http://planningcommission.nic.in/aboutus/history/ref_man03032011.pdf | title=Reference Material 2010 Notes on the Functioning of Various Divisions | publisher=Planning Commission of India | date=2010 | access-date=11 July 2016}} His successors as Finance Minister were also made members of the Commission thus establishing a convention of the Finance Minister being an ex officio member of the Commission. Deshmukh's term as Finance Minister covered the period of the First Five Year Plan. He employed deficit financing as a key tool in bringing about planned investment but inflation and revenue deficits became major challenges during this period.{{cite book|author=K.S. Ramachandran|title=Economic Environment of India|url=https://books.google.com/books?id=nEczCK3aHjIC&pg=PA5|date=1 January 2007|publisher=Northern Book Centre|isbn=978-81-7211-227-1|pages=5–}} Deshmukh was also chairman of a panel of economists that recommended the proposed Second Five Year Plan with its capital intensive model of development. He envisioned a significant role for the village and cottage industries in curbing unemployment and inflation caused by deficit financing and got the Congress Working Committee to approve the draft plan.{{cite book|author1=G. S. Monga|author2=Madan Mohan Goel|title=Wage Goods Approach to Development|url=https://books.google.com/books?id=PJDDofp6FIsC&pg=PA140|date=1 January 2001|publisher=Deep & Deep|isbn=978-81-7629-269-6|pages=140–}}{{cite book|author=Stanley A. Kochanek|title=The Congress Party of India: The Dynamics of a One-Party Democracy|url=https://books.google.com/books?id=4BbWCgAAQBAJ&pg=PA179|date=8 December 2015|publisher=Princeton University Press|isbn=978-1-4008-7576-4|pages=179–}}{{cite book|author=Chanda Rai|title=Indian Economic Planning: Analysis and Relevance of Economic Ideas of Dr. D.R. Gadgil|url=https://books.google.com/books?id=TxTdBAOnr1sC&pg=PA32|date=1 January 2007|publisher=Deep & Deep Publications|isbn=978-81-7629-925-1|pages=32–}}

Deshmukh's first budget of 1951-52 proposed an overall rise in taxes.{{cite web | url=http://indiabudget.nic.in/bspeech/bs195253.pdf | title=Speech of Shri C.D. Deshmukh, Minister of Finance Introducing the Budget for the Year 1951-52 | access-date=25 July 2016 | archive-url=https://web.archive.org/web/20160411082937/http://www.indiabudget.nic.in/bspeech/bs195253.pdf | archive-date=11 April 2016 | url-status=dead }} The following year he presented an interim budget for 1952-53 and a full budget in the first elected Parliament of India to which he was elected from the Kolaba constituency of Bombay State.{{cite press release | url=http://pib.nic.in/feature/feyr2003/ffeb2003/f240220031.html | title=The Central Budgets in Retrospect | publisher=Press Information Bureau | date=24 February 2003 | access-date=11 July 2016}}{{cite web | url=http://indiabudget.nic.in/bspeech/bs195253.pdf | title=Speech of Shri C.D. Deshmukh, Minister of Finance Introducing the Budget for the Year 1952-53 (Final) | access-date=13 July 2016 | archive-url=https://web.archive.org/web/20160411082937/http://www.indiabudget.nic.in/bspeech/bs195253.pdf | archive-date=11 April 2016 | url-status=dead }}{{cite book | url=http://eci.nic.in/eci_main/StatisticalReports/LS_1951/VOL_1_51_LS.PDF | title=Statistical Report on General Elections, 1951 to the First Lok Sabha Volume I | publisher=Election Commission of India | location=NEW DELHI | page=81 | url-status=dead | archive-url=https://web.archive.org/web/20141008191615/http://eci.nic.in/eci_main/StatisticalReports/LS_1951/VOL_1_51_LS.PDF | archive-date=8 October 2014 | df=dmy-all }} In 1952 Deshmukh invited Paul Appleby to study Indian administration and Appleby's reports led to the establishment of the Organisation and Management Organisation in the Government of India and the establishment of the Indian Institute of Public Administration of which Deshmukh later became vice president and chairman.{{cite book | url=https://books.google.com/books?id=MHhWuN9Uz2sC&pg=PA270| title=Indian Administration 2 Vols. Set | publisher=Atlantic Publishers | author=N. Jayapalan | year=2001 | location=New Delhi | page=270| isbn=9788171569212 }}{{cite web | url=http://www.iipa.org.in/upload/Office%20Bearers%20of%20IIPA.pdf | title=Indian Institute of Public Administration NEW DELHI | publisher=Indian Institute of Public Administration | access-date=26 July 2016}} In 1955, the State Bank of India was formed through the nationalisation and amalgamation of the Imperial Bank with several smaller banks. This was undertaken on the recommendation of the All-India Rural Credit Survey Committee although Deshmukh had been opposed to plans for nationalising the bank when he was the RBI Governor.{{cite news | url=http://www.thehindu.com/2004/12/21/stories/2004122100050902.htm | archive-url=https://web.archive.org/web/20161221085824/http://www.thehindu.com/2004/12/21/stories/2004122100050902.htm | url-status=dead | archive-date=21 December 2016 | title=dated December 21, 1954: State Bank of India | date=21 December 2004 | work=The Hindu | access-date=12 July 2016}}{{cite news | url=http://www.tribuneindia.com/2003/20030420/spectrum/book11.htm | title=Tracing history of the SBI | work=The Tribune | date=20 April 2003 | access-date=12 July 2016 | author=B S Thaur}} The nationalisation of insurance companies and the formation of the Life Insurance Corporation of India was accomplished by him through the Life Insurance Corporation of India Act, 1956.{{cite book | url=https://books.google.com/books?id=QDqppvb19TsC&pg=PT180| title=India: The Emerging Giant | publisher=Oxford University Press | author=Arvind Panagariya | year=2008 | location=New York| isbn=9780199890149 }}{{cite book | url=https://books.google.com/books?id=KlN819nQS-wC&pg=PT41| title=Insurance in India: Changing Policies and Emerging Opportunities | publisher=Response Books | author=P S Palande |author2=R S Shah | year=2003 | location=New Delhi | page=31| isbn=9780761997474 }} He resigned over the proposal of the Government of India to move a bill in Parliament bifurcating Bombay State into Gujarat and Maharashtra while designating the City of Bombay a Union Territory.{{cite book | url=https://books.google.com/books?id=uzNnwUasQ3wC&pg=PA280 | title=Dr. Zakir Hussain, Quest for Truth | publisher=APH Publishing | author=Ziaul Hasan Faruqi | year=1999 | location=Delhi | page=280| isbn=9788176480567 }}{{cite news | url=http://www.livemint.com/Leisure/vSENKsR3LEwbCgaG4zMw8K/The-anxiety-that-lingers.html | title=The anxiety that lingers | work=Live Mint | date=7 December 2012 | access-date=11 July 2016 | author=Niranjan Rajadhyaksha}} Deshmukh's tenure - during which he delivered six budgets and an interim budget{{cite web | url=http://www.newcenturypublications.com/servlet/ncpGetBiblio?bno=000106 | title=India: Central Government Budgets - 1947-48 to 2003-04 | publisher=New Century Publications | date=2003 | access-date=20 July 2016 | author=M M Sury}} - is noted for the effective management of the Indian economy and its steady growth which saw the economy recover from the impacts of the events of the 1940s.{{cite news | url=http://www.business-standard.com/article/specials/north-block-mavericks-197030101130_1.html | title=North Block Mavericks | work=Business Standard | date=1 March 1997 | access-date=11 July 2016}}{{cite book | url=https://books.google.com/books?id=rDmPKwQQdokC&pg=PA134 | title=The Politics of Poverty: Planning India's Development | publisher=SAGE Publications | author=D K Rangnekar | year=2012 | location=New Delhi | page=134| isbn=9788132109020 }}

Shortly after his resignation from the Cabinet, Deshmukh was appointed Chairman of India's University Grants Commission in 1956, a post he held until 1961.{{cite web | url=http://www.ugc.ac.in/subpage/Former-Commission-Members.aspx | title=List of Former Chairpersons | publisher=University Grants Commission | access-date=11 July 2016}}{{cite book | url=https://books.google.com/books?id=5giny6Ng0q0C&pg=PA79| title=Higher Education in India Since Independence: UGC and Its Approach | publisher=Concept Publishing Company | author=Om Prakash Gupta | year=1993 | location=New Delhi | page=79| isbn=9788170224471 }}{{cite book|author=A K Hota|title=Encyclopaedia of New Media and Educational Planning|url=https://books.google.com/books?id=aDTNBhkMfdIC&pg=PA88|date=1 January 2000|publisher=Sarup & Sons|isbn=978-81-7625-170-9|pages=88–}} Deshmukh, who was the first chairman of the commission after it became a statutory body, played a key role in the development of university libraries during his tenure.{{cite book | url=https://books.google.com/books?id=7kbwPn7FOFUC&pg=PA53 | title=Development of University Libraries in India After Independence | publisher=Concept Publishing Company | author=Om Prakash Gupta | year=1992 | location=New Delhi | page=37| isbn=9788170224099 }}{{cite book | url=https://books.google.com/books?id=-5QnciJPjDYC&pg=PA205 | title=Fifty Years of Higher Education in India: The Role of the University Grants Commission | publisher=SAGE Publications | author=Amrik Singh | year=2004 | location=New Delhi | pages=202–203| isbn=9780761932161 }} He was also the founding chairman of the National Book Trust which was inaugurated in 1957 with the aim of making available books priced moderately to the general public and libraries.{{cite news | url=http://www.thehindu.com/todays-paper/tp-miscellaneous/dated-august-3-1957-national-book-trust/article1884618.ece | title=dated August 3, 1957: National Book Trust | work=The Hindu | date=3 August 2007 | access-date=11 July 2016}} From 1962 - 1967, Deshmukh served as the tenth Vice Chancellor of the University of Delhi. He invited the Ford Foundation to survey and finance the upgradation of the Delhi University Library through a grant of {{USD}} 1 million.{{cite book | url=https://books.google.com/books?id=6qrw-Y41OXAC&pg=PA499| title=Libraries and Information Studies in Retrospect and Prospect: Volume 2 | publisher=Concept Publishers | author=M L Saini | author-link=The Making of Delhi University Library System | year=2002 | location=New Delhi | pages=499–500| isbn=9788170229308 }}

Deshmukh contested the Indian presidential election of 1969 as a candidate of the Swatantra Party and the Jana Sangh and won the third-highest number of first preference votes.{{cite book | url=https://books.google.com/books?id=UOQRWuMXyRMC&pg=PA81| title=Split in a Predominant Party: The Indian National Congress in 1969 | publisher=Abhinav Publications | author=Mahendra Prasad Singh | year=1981 | location=New Delhi | page=81| isbn=9788170171409 }}{{cite book | url=https://books.google.com/books?id=Jy4rDAAAQBAJ&pg=PA229| title=Constitutional Government in India | publisher=S Chand & Co. | author=M V Pylee | year=2012 | location=New Delhi | page=229| isbn=9788121922036 }}{{cite web | url=http://eci.nic.in/eci_main/miscellaneous_statistics/PresdElec/BriefNotes.pdf | title=PRESIDENTIAL ELECTION FROM 1952 TO 1997 BRIEF NOTES | publisher=Election Commission of India | access-date=4 July 2016 | page=22}}{{cite book | url=https://books.google.com/books?id=dE9qEg-NgHMC&pg=PA129 | title=India Since Independence | publisher=Penguin Books | author=Bipan Chandra | author2=Aditya Mukherjee | author3=Mridula Mukherjee | year=2008 | location=New Delhi | page=298| isbn=9780143104094 }}

Deshmukh married Rosina Arthur Wilcox in 1920 with whom he had a daughter, Primrose.{{cite web|url=http://www.rmaf.org.ph/newrmaf/main/awardees/awardee/biography/84|title=Deshmukh, Chintaman|publisher=Ramon Magsaysay Award Foundation|date=August 1959|access-date=13 July 2016|archive-url=https://web.archive.org/web/20160828013506/http://www.rmaf.org.ph/newrmaf/main/awardees/awardee/biography/84|archive-date=28 August 2016|url-status=dead}} After Rosina's death in 1949, Deshmukh married Durgabai in 1953 and they were married until her death in 1981. Chintaman and I is her memoir published in 1980.{{cite book|url=https://books.google.com/books?id=EFI7tr9XK6EC&pg=RA1-PA42|title=The Oxford Encyclopedia of Women in World History: Volume 2|publisher=Oxford University Press| author=Prachi Deshpande|author-link=Deshmukh, Durgabai|year=2008 |location=New York|page=42|isbn=9780195148909}}

In 1974, he published his autobiography The Course of My Life.{{cite book|author1=Deshmukh|author2=I.C.S.|title=Course Of My Life, The- Centenary Edn.|url=https://books.google.com/books?id=XvNKkhI0LGIC&pg=PP8|year=1996|publisher=Orient Blackswan|isbn=978-81-250-0824-8|pages=8–}}

Deshmukh died in Hyderabad on 2 October 1982.{{Cite book|author=Bakhtiar K. Dadabhoy|title=Barons of Banking|publisher=Random Business|year=2013|isbn=9788184003499}}

File:CD Deshmukh 2004 stamp of India.jpg

Deshmukh was appointed a Companion of the Order of the Indian Empire in 1937, and conferred a knighthood in 1944.{{cite journal | url=https://www.thegazette.co.uk/London/issue/34365/supplement/693 | title=To be Companions of the said Most Eminent Order | journal=Supplement to the London Gazette |date=1 February 1937 | page=693 }}{{cite journal | url=https://www.thegazette.co.uk/London/issue/36435/page/1333 | title=Whitehall, March 21, 1944 | journal=The London Gazette | page=1333 | date=21 March 1944}}

He was awarded an honorary Doctor of Science by the University of Calcutta in 1957 and an honorary Doctor of Literature by the Panjab University in 1959.[http://www.caluniv.ac.in/About%20the%20university/university_frame.htm Honoris Causa] {{webarchive|url=https://web.archive.org/web/20110808224127/http://www.caluniv.ac.in/About%20the%20university/university_frame.htm |date=8 August 2011 }}{{cite web | url=http://puchd.ac.in/honoris-causa.php | title=Record of Honoris Causa Degrees w.e.f. 1949 | publisher=Panjab University | access-date=5 July 2016}}

In 1959, Deshmukh was a co-recipient (along with Jose Aguilar of the Philippines{{cite web

|url = http://www.rmaf.org.ph/Awardees/name.htm

|title = The Ramon Magsaysay Awardees by Name

|access-date = 8 December 2006

|publisher = The Ramon Magsaysay Foundation

|archive-url = https://web.archive.org/web/20061129080446/http://www.rmaf.org.ph/Awardees/name.htm

|archive-date = 29 November 2006

|url-status = dead

}}) of the Ramon Magsaysay Award for distinguished Government Service. Jesus College, Cambridge, Deshmukh's alma mater, elected him its Honorary Fellow in 1952 in recognition of his distinguished contribution in the areas of Indian and international finance and administration.

In 1975, Sir Chintaman and Durgabai Deshmukh were awarded the Padma Vibhushan.{{cite web | url=http://www.mha.nic.in/sites/upload_files/mha/files/YearWiseListOfRecipientsBharatRatnaPadmaAwards-1954-2014.pdf | title=Padma Awards Directory (1954-2014) Year-Wise List | publisher=Ministry of Home Affairs, Government of India | access-date=12 July 2016 | page=63 | archive-url=https://web.archive.org/web/20161115022326/http://mha.nic.in/sites/upload_files/mha/files/YearWiseListOfRecipientsBharatRatnaPadmaAwards-1954-2014.pdf | archive-date=15 November 2016 | url-status=dead | df=dmy-all }}

The Reserve Bank of India organises the annual lecture series called 'Chintaman Deshmukh Memorial Lectures', since 1984.[https://www.rbi.org.in/Content/Annual_CDMemorial.aspx Reserve Bank of India - Publications]. Rbi.org.in. Retrieved on 15 November 2018. The National Council of Applied Economic Research also conducts the annual C.D. Deshmukh Memorial Lecture since 2013.[http://www.ncaer.org/event_details.php?EID=18 The Inaugural C.D. Deshmukh Memorial Lecture 2013]. Ncaer.org (4 January 2013). Retrieved on 2018-11-15.[http://www.ncaer.org/event_details.php?EID=48 The C D Deshmukh Memorial Lecture 2014]. Ncaer.org (11 February 2014). Retrieved on 2018-11-15.[http://www.ncaer.org/event_details.php?EID=106 The Third C.D. Deshmukh Memorial Lecture 2015]. Ncaer.org (9 February 2015). Retrieved on 2018-11-15.

The Thane Municipal Corporation established the Chintamanrao Deshmukh Institute for Administrative Careers in 1987, to prepare the youth to enter the civil services.[http://www.cdinstitute.in/ C D Deshmukh's Institute]. Cdinstitute.in (14 August 2018). Retrieved on 2018-11-15. A road in the Tilakwadi area of the city of Belgaum has been named as 'C. D. Deshmukh Road'. The India International Centre in New Delhi has an auditorium named after Deshmukh.[http://www.iicdelhi.nic.in/User_Panel/UserView.aspx?TypeID=1150 IIC| India International Centre - Introduction]. Iicdelhi.nic.in (26 October 2018). Retrieved on 2018-11-15.[http://www.iicdelhi.nic.in/User_Panel/UserView.aspx?TypeID=1223 IIC| India International Centre - C. D. Deshmukh Auditorium]. Iicdelhi.nic.in (5 October 2017). Retrieved on 2018-11-15.

In 2004, a commemorative postage stamp was released in his honour.{{cite web | url=http://pib.nic.in/newsite/PrintRelease.aspx?relid=679 | title=Commemorative postage stamp on C.D. Deshmukh | publisher=Press Information Bureau, Government of India | date=13 January 2004 | access-date=5 July 2016}}

The National Insurance Academy organises the annual seminar called "CD Deshmukh Memorial Seminar" since the last 22 years.

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{{Governors of Reserve Bank of India}}

{{Finance Ministers of India}}

{{Ministry of Finance (India)}}

{{Padma Vibhushan Awards}}

{{Ramon Magsaysay Award Winners}}

{{RMA winners of India}}

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{{DEFAULTSORT:Deshmukh, C D}}

Category:1896 births

Category:1982 deaths

Category:India MPs 1952–1957

Category:Ministers of finance of India

Category:Ministers for corporate affairs

Category:Candidates for President of India

Category:Governors of the Reserve Bank of India

Category:Indian Civil Service (British India) officers

Category:Indian civil servants

Category:Indian bankers

Category:Indian knights

Category:Indian Knights Bachelor

Category:Ramon Magsaysay Award winners

Category:Recipients of the Padma Vibhushan in public affairs

Category:Companions of the Order of the Indian Empire

Category:Bretton Woods Conference delegates

Category:Vice-chancellors of the University of Delhi

Category:Alumni of Jesus College, Cambridge

Category:Fellows of Jesus College, Cambridge

Category:People from Raigad district

Category:Businesspeople from Maharashtra

Category:20th-century Indian businesspeople

Category:Marathi people