He succeeded Sir Osborne Smith who was the Governor from 1 April 1935 to 30 June 1937.

[3] Taylor, a member of the Indian Civil Service, served as a Deputy Controller in the Currency Department of the Government of India for over a decade.

He was closely associated with the preparation and piloting of the Reserve Bank of India Bill.

He governed the bank during the war years and was involved in decision to move from a silver currency to fiat money.

He was succeeded by Sir C. D. Deshmukh who became the first Indian to lead the Reserve Bank of India.