S. Venkitaramanan, the ex-Governor of the Reserve Bank of India (RBI), has passed away today following a short illness. He was 92 years old and is survived by his two daughters, Girija and Sudha, along with their families.
Venkitaramanan was the 18th Governor of RBI. He served for a period of two years, from 1990 to 1992. Earlier, he served as Finance Secretary in the Ministry of Finance, from 1985 to 1989.
Before becoming Governor, he had been a member of the Indian Administrative Service and had previously held positions as the Finance Secretary and Advisor to the Government of Karnataka.
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Venkitaraman’s tenure at the central bank was at a time when the country faced unprecedented difficulties in the external sector, with foreign exchange reserves falling to a low of just two-months worth of imports.
“In a statement today, the RBI mentioned that under his skillful leadership, the nation successfully navigated through the balance of payments crisis. His tenure also witnessed India embracing the IMF’s stabilization program, involving the devaluation of the Rupee, and the initiation of economic reform measures.”
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