Mumbai: S. Venkitaramanan, who navigated the Reserve Financial institution of India by way of the essential years of the 1990 steadiness of fee disaster, subsequent financial reforms, and the Harshad Mehta rip-off, handed away on Saturday in Chennai on the age of 92.
Appointed because the eighteenth Governor of the RBI by the Chandra Shekhar authorities in 1990 throughout a interval of a steadiness of fee disaster, Venkitaramanan held this place for 2 transformative years from 1990 to 1992.Regardless of missing formal {qualifications} as an economist, he was chosen for his familiarity with the steadiness of fee scenario, which had led to depleted foreign exchange reserves.
Earlier than his governorship, Venkitaramanan served because the Finance Secretary within the Ministry of Finance from 1985 to 1989. His instant problem because the RBI Governor was to handle the disaster by partaking with different central banks and multilateral establishments to boost international forex. This necessitated the unprecedented step of pledging gold reserves by the federal government.
He performed a pivotal function in disaster administration and implementing subsequent reforms underneath Manmohan Singh, together with the devaluation of the rupee as a part of the Worldwide Financial Fund’s stabilisation programme.
Born within the city of Nagercoil within the princely state of Travancore, Venkitaramanan earned a postgraduate diploma in physics from College School Thiruvananthapuram, Kerala, and later a grasp’s diploma in Industrial Administration from Carnegie Mellon College, Pittsburgh, USA.
A member of the Indian Administrative Service (IAS), Venkitaramanan served in varied capacities, together with his notable tenure because the Finance Secretary lasting for 4 years from 1985 to 1989.
Venkitaramanan confronted criticism in the course of the Harshad Mehta rip-off, thought of by many to be a systemic failure within the authorities securities market operations. This incident led to subsequent reforms within the authorities securities market.
Put up-retirement, Venkitaramanan remained lively because the chairman of Ashok Leyland Funding Providers, New Tirupur Space Growth Company, and Ashok Leyland Finance. Moreover, he served on the boards of Reliance Industries Restricted, SPIC, Piramal Healthcare, Tamil Nadu Water Funding Co., and HDFC.
Appointed because the eighteenth Governor of the RBI by the Chandra Shekhar authorities in 1990 throughout a interval of a steadiness of fee disaster, Venkitaramanan held this place for 2 transformative years from 1990 to 1992.Regardless of missing formal {qualifications} as an economist, he was chosen for his familiarity with the steadiness of fee scenario, which had led to depleted foreign exchange reserves.
Earlier than his governorship, Venkitaramanan served because the Finance Secretary within the Ministry of Finance from 1985 to 1989. His instant problem because the RBI Governor was to handle the disaster by partaking with different central banks and multilateral establishments to boost international forex. This necessitated the unprecedented step of pledging gold reserves by the federal government.
He performed a pivotal function in disaster administration and implementing subsequent reforms underneath Manmohan Singh, together with the devaluation of the rupee as a part of the Worldwide Financial Fund’s stabilisation programme.
Born within the city of Nagercoil within the princely state of Travancore, Venkitaramanan earned a postgraduate diploma in physics from College School Thiruvananthapuram, Kerala, and later a grasp’s diploma in Industrial Administration from Carnegie Mellon College, Pittsburgh, USA.
A member of the Indian Administrative Service (IAS), Venkitaramanan served in varied capacities, together with his notable tenure because the Finance Secretary lasting for 4 years from 1985 to 1989.
Venkitaramanan confronted criticism in the course of the Harshad Mehta rip-off, thought of by many to be a systemic failure within the authorities securities market operations. This incident led to subsequent reforms within the authorities securities market.
Put up-retirement, Venkitaramanan remained lively because the chairman of Ashok Leyland Funding Providers, New Tirupur Space Growth Company, and Ashok Leyland Finance. Moreover, he served on the boards of Reliance Industries Restricted, SPIC, Piramal Healthcare, Tamil Nadu Water Funding Co., and HDFC.
