Explanation:

- Option 1: C D Deshmukh was the third governor of the Reserve Bank of India (RBI) and the first Indian to hold this office, serving from 1943 to 1949.

- Option 2: James Taylor does not link to the list of governors of the RBI.

- Option 3: Benegal Rama Rau served as the fourth governor of the RBI from 1949 to 1957.

- Option 4: Manilal B. Nanavati does not have any recorded connection as an RBI governor.

- Option 5: Osborne Smith was indeed the first governor of the Reserve Bank of India. He served from 1935 to 1937.