Former RBI Governor S Venkitaramanan passes away at 92 after short illness

S Venkitaramanan, the 18th Governor of the Reserve Bank of India, passed away on Saturday in Chennai after a short illness at the age of 92. He held the position from December 1990 to December 1992. Before his tenure as RBI governor, Venkitaramanan served as the finance secretary in the Ministry of Finance from 1985 to 1989 and was also advisor to the government of Karnataka.

Upon assuming the role of RBI Governor, Venkitaramanan faced the challenge of addressing India's balance of payments crisis, marked by rapidly depleting foreign exchange reserves. Through decisive measures, he successfully navigated the country through this crisis. As a finance secretary in 1989, he was the one who advised the Rajiv Gandhi-led government at the Centre to consider loans from multilateral agencies like the International Monetary Fund to tide over the worsening economic situation.

 

“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's online platform elaborated on Venkitaramanan's time in charge.

Following his retirement, Venkitaramanan took on key roles as the chairman of Ashok Leyland Investment Services Ltd., New Tirupur Area Development Corporation Ltd., and Ashok Leyland Finance Ltd. He contributed to various corporate boards, including Reliance Industries Limited, SPIC, Piramal Healthcare Ltd, Tamil Nadu Water Investment Co. Ltd, and Housing Development Finance Corp Ltd.

Congress MP Jairam Ramesh posted a farewell note on social media platform X (formerly known as Twitter) calling Venkitaramanan 'one of India's most brilliant civil servants.' 

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. S. Venkitaramanan was RBI Governor at a most crucial time of our economic history during 1990-92.

Apart from this he made major…

— Jairam Ramesh (@Jairam_Ramesh) November 18, 2023

Venkitaramanan was born in Nagercoil, part of the Padmanathapuram division of the princely state of Travancore, into a Tamil Iyer family. He earned his master's degree in physics from University College Thiruvananthapuram, Kerala, and later pursued a master's degree in Industrial Administration at Carnegie Mellon University in Pittsburgh, US.

He is survived by two daughters, Girija and Sudha and their families.