Former RBI Governor S Venkitaramanan Passes Away At Age Of 92

Venkitaramanan served as the Finance Secretary before taking up the role as the Governor between Dec 1990 and Dec 1992, when the country was going through an extreme balance of payment crisis.

Former RBI Governor S Venkitaramanan passed away on Saturday in Chennai at the age of 92, due to illness. Earlier a member of the Indian Administrative Service, he served as the Finance Secretary before taking up the role of the Reserve Bank of India governor. Later on, he took on the role of Adviser to the Government of Karnataka. Venkitaramanan served as the Governor between December 1990 and December 1992, when the country was going through an extreme balance of payment crisis. He is survived by two daughters. 

Expressing his condolences, RBI Governor Shaktikanta Das shared his sentiments on social media platform X, and said, “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.”

C Rangarajan, who worked as a Deputy Governor in the RBI during Venkitaramanan’s tenure noted that the former governor entered the banking regulator at a very important and dynamic time. He said, “Venkitaramanan was Governor of Reserve Bank of India at a critical time when the country faced a most severe balance of payments problem. This was the time when there were quick changes in the Central government. The responsibility of the Reserve Bank of India, in that context, became even more critical,” as reported by The Hindu. 

Applauding his contribution, Rangarajan noted, “He faced the situation with great determination and courage. We had to raise the necessary resources to bridge the gap. We took the extraordinary step of shipping gold out of India to raise the foreign exchange.”

The Reserve Bank of India on it’s website stated that the country witnessed a very difficult situation during the Rangarajan’s tenure due to external factors. “His adroit management saw the country tide over the balance of payments crisis. Venkitaramanan's 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 said, as reported by PTI.