S Venkitaramanan, a former governor of the RBI, dies at 92

New Delhi: According to sources, S Venkitaramanan, the former governor of the Reserve Bank of India, passed away here on Saturday after a brief illness. 92 years old.

Before assuming the position of RBI Governor, Mr. Venkitaramanan, an Indian Administrative Service member, worked for the Karnataka government as an adviser and then as the finance secretary. Serving with the RBI from December 1990 to December 1992 was Mr. Venkitaramanan’s tenure. Governor of the Reserve Bank of India Shaktikanta Das praised him as a “public servant” and “outstanding personality” and recalled his enormous contributions during the crisis.

Throughout his administration, the nation encountered challenges pertaining to the foreign sector. The nation overcame the balance of payments issue thanks to his skillful management, the RBI stated.

According to the RBI’s website, under Mr. Venkitaramanan’s administration, India also adopted the IMF’s stabilization program, which included devaluing the rupee and starting an economic reform program. “Very sad to hear about the demise of Shri S Venkitaramanan, former Governor of the RBI,” Mr. Das wrote on social media. He was a distinguished public worker with an amazing personality. He was quite helpful at times of difficulty. May he rest in peace for all eternity.”

Very sad to hear about the demise of Shri S.Venkitaramanan, former Governor of the RBI. He was an outstanding personality and public servant. Made immense contribution during periods of crisis. May his soul rest in eternal peace.

— Shaktikanta Das (@DasShaktikanta) November 18, 2023

“One of India’s most brilliant civil servants who left his mark, especially in the field of finance, has just passed away in Chennai at the age of 92,” stated senior Congress leader and former Union Minister Jairam Ramesh. Between 1990 and 1992, S Venkitaramanan served as RBI Governor during a pivotal period in our nation’s economic history.”

In addition, Ramesh said on social media that Venkitaramanan has made significant contributions to energy and industrial development.

“Venkitaramanan was a crucial aide to C Subramaniam, who was instrumental in launching the Green Revolution in the middle of the 1960s. Our nearly three-decade association taught me a lot, and I have many happy memories of it,” he continued.