Former RBI Governor S Venkitaramanan Passes Away at 92

Former Reserve Bank of India (RBI) Governor S Venkitaramanan passed away on Saturday, November 18, 2023, in Chennai due to a brief illness. He was 92.

A Distinguished Career

Venkitaramanan was a member of the Indian Administrative Service (IAS) and had a distinguished career in public service. Prior to his tenure as RBI Governor, he served as the Finance Secretary and later as an Adviser to the Government of Karnataka.

Venkitaramanan's term as RBI Governor spanned from December 1990 to December 1992. During his tenure, he oversaw several significant developments in the Indian economy, including the adoption of the IMF's stabilization program, which involved the devaluation of the rupee and the launch of economic reforms.

Tributes Pour In

Tamil Nadu Chief Minister M K Stalin, RBI Governor Shaktikanta Das, and senior Congress leader Jairam Ramesh were among those who offered their condolences to Venkitaramanan's family.

In an official release, Stalin said, "I am saddened to learn about the demise of Venkitaramanan. He served as the 18th Governor of the Reserve Bank of India and also as the Union Finance Secretary and has earned respect for his efficient service. I extend my deep condolences to his family, his daughter and former Chief Secretary Girija Vaidyanathan."

RBI Governor Das hailed Venkitaramanan as an outstanding personality and public servant, recalling his immense contributions during periods of crisis. Das said, "The country faced difficulties related to the external sector during his tenure. His adroit management saw the country tide over the balance of payments crisis."

Senior Congress leader Jairam Ramesh said, "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."

A Legacy of Excellence

Venkitaramanan's contributions extended beyond his tenure as RBI Governor. He also made significant contributions to industrial development and energy. He was a key aide of C Subramaniam, who played a pivotal role in ushering in the Green Revolution in the mid-1960s.

Venkitaramanan's passing is a profound loss for India. He will be remembered as an outstanding public servant and a key figure in shaping India's economic policies.