▁New ▁Year ▁Hon ours . ▁ ▁He ▁served ▁as ▁Secretary ▁in ▁the ▁Fin ance ▁Ministry ▁and ▁later ▁as ▁Chair man ▁of ▁State ▁Bank ▁of ▁India ▁before ▁his ▁appointment ▁as ▁the ▁Governor . ▁ ▁As ▁R BI ▁Governor ▁he ▁strongly ▁opposed ▁the ▁national ising ▁of ▁private ▁banks ▁in ▁India , ▁by ▁writing ▁a ▁letter ▁to ▁the ▁then ▁Deput y ▁Prime ▁Minister ▁Mor ar ji ▁Des ai ▁warning ▁about ▁the ▁costs ▁of ▁national ising ▁the ▁banks ▁saying ▁it ▁was ▁not ▁des irable . ▁During ▁his ▁ten ure ▁the ▁size ▁of ▁the ▁currency ▁notes ▁of ▁den om ination ▁ 5 , ▁ 1 0 ▁and ▁ 1 0 0 ▁were ▁reduced ▁in ▁size ▁for ▁economic ▁reasons . ▁ ▁Bh attach ary a ' s ▁ten ure ▁saw ▁the ▁establishment ▁of ▁the ▁Indust rial ▁Development ▁Bank ▁of ▁India ▁in ▁ 1 9 6 4 , ▁the ▁Agricult ural ▁Re fin ance ▁Corporation ▁in ▁ 1 9 6 3 ▁and ▁the ▁Unit ▁Trust ▁of ▁India ▁in ▁ 1 9 6 4 . ▁▁ ▁The ▁bank notes ▁signed ▁by ▁P ▁C ▁Bh attach ary a ▁have ▁very ▁high ▁res ale ▁value ▁in ▁the ▁grey ▁market ▁because ▁of ▁their ▁r ar ity . ▁A ▁ 1 0 ▁ru pe e ▁note ▁signed ▁by ▁Bh attach ary a ▁fetch es ▁ 8 0 0 ▁to ▁ 1 0 0 0 ▁ru pe es ▁today . ▁During ▁his ▁ten ure ▁as ▁Governor ▁of ▁R BI , ▁the ▁size ▁of ▁the ▁bank ▁notes ▁of ▁R s ▁ 5 , ▁ 1 0 ▁and