S Venkitaramanan, the former Governor of the Reserve Bank of India (RBI), passed away early this morning due to a brief illness. He was 92 years old. According to The Business Line, he is survived by his two daughters, Girija and Sudha, along with their respective families.
S Venkitaramanan was the 18th Governor of the RBI, serving for two years from 1990 to 1992. Prior to this, he was Finance Secretary in the Ministry of Finance from 1985 to 1989.
Former RBI Governor, S. Venkitaramanan’s tenure between 1990 to 1992 came during a challenging time for India’s external sector, yet his deft management steered the nation through, claims RBI. His term was marked by a significant balance of payments crisis, a situation which he navigated with skill and shrewdness. Further, under his leadership, India adopted the IMF’s stabilisation programme necessitating a rupee devaluation and kickstarting a wave of economic reforms.
“His adroit management saw the country tide over the balance of payments crisis. His term also saw India adopt the IMF’s stabilisation programme where the Rupee underwent a devaluation and the launch of the programme of economic reforms,” the RBI website reads.
Born on December 21, 1931, in Travancore, Venkitaramanan held multiple positions of influence prior to his RBI Governorship, including Finance Secretary of India, and adviser to the Government of Karnataka. His dedication to public service and economic governance did not culminate with his term end as RBI Governor.
Venkitaramanan continued to contribute to public service and occupied roles in many capacities after his stint as RBI Governor ended. His career demonstrates his dedication to economic governance and financial stability in India.
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