Chennai, November 18: S Venkitaramanan, former governor of the Reserve Bank of India (RBI), passed away today, November 18, due to illness. The former RBI Governor breathed his last this morning. He was 92 years old at the time of his passing away. Besides being the former governor of RBI, S Venkitaramanan was also an Indian Administrative Service (IAS) cadre bureaucrat.

Sri Venkitaramanan, the eighteenth Governor of the Reserve Bank of India, navigated the RBI through the crucial years of the 1990 balance of payment crisis, including economic reforms and the Harshad Mehta scam. He passed away this morning in Tamil Nadu's Chennai. The Chandra Shekhar government appointed Sri Venkitaramanan as the RBI governor in 1990, reports Times of India. Shaktikanta Das 'MA in History' Is New RBI Governor, Twitterati Slam Decision; See Qualifications of Previous 5 RBI Governors.

Notably, S Venkitaramanan held the position for two years, from 1990 to 1992. Besides being an able administrator and central banker, Venkitaramanan was also known for his quick decision-making. During his tenure as RBI Governor, the country faced its worst economic crisis, which led to crucial reforms at the governmental level as well as in the financial system.

As per the report, Sri Venkitaramanan was selected as RBI Governor for his familiarity with the balance of payment crisis despite lacking formal qualifications as an economist. Before taking over as RBI Governor, S Venkitaramanan was the Finance Secretary in the Ministry of Finance from 1985 to 1989.

During the 1990s balance of payment crisis, Venkitaramanan's challenge as RBI Governor was to manage the grave situation by engaging with other central banks and multilateral institutions to raise foreign currency. Sri Venkitaramanan went on to play a vital role in the crisis management and implementation of subsequent reforms under Manmohan Singh. RBI Governor Shaktikanta Das Rated 'A+' in Global Finance Central Banker Report Cards 2023.

These included the rupee devaluation as part of the International Monetary Fund's stabilisation programme. During his tenure, S Venkitaramanan also faced criticisms during the Harshad Mehta scam, which many considered a systemic failure in the government's securities market operations.

(The above story first appeared on LatestLY on Nov 18, 2023 05:20 PM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).