Former Reserve Bank of India (RBI) Governor S Venkitaramanan (92) passed away on Saturday in Chennai after a brief illness.
Venkitaramanan is survived by two daughters, including Girija Vaidyanathan, a former chief secretary of Tamil Nadu. Born in 1931 in Nagercoil, Venkitaramanan was the Governor of RBI from December 22, 1990 to December 21, 1992.
He had served as finance secretary to the Government of India from 1985 to 1989, and as Advisor to the Government of Karnataka prior to his appointment as RBI Governor.
In condolence message, the current RBI Governor Shaktikanta Das said, “Very sad to hear about the demise of S. Venkitaramanan, former Governor of the RBI. He was an outstanding personality and public servant, making immense contributions during periods of crisis.”
Venkitaramanan, a member of the Indian Administrative Service, was considered a crisis manager of the balance of payments crisis in the late 1980s and early 1990s.
His timely and decisive action laid the ground work for salvaging the crisis. After retirement, Venkitaramanan served as the chairman of Ashok Leyland Investment Services and New Tirupur Area Development Corporation, among others. He also served in the boards of Reliance Industries, SPIC, Piramal Healthcare, Tamil Nadu Water Investment Co and Housing Development Finance Corp.