Sir James Braid Taylor was a member of the Indian Civil Service and had served for over a decade in the Currency Department of the Government of India, initially as a Deputy Controller, later as Controller of the Currency, and thereafter as additional secretary in the Finance Department. He was closely associated with the preparation and piloting of the Reserve Bank of India Bill. He served as Deputy Governor of the Bank prior to his appointment as the Governor.
His stewardship saw the Bank through the war years and the financial experiments it engendered and catalysed, including the decisive break away from a silver currency to fiat money. His second term came to an end with his sudden demise.