S. Venkitaramanan, the eighteenth Governor of the Reserve Bank of India (RBI), passed away on November 18, 2023, in Chennai at the age of 92. He was a distinguished central banker, who steered the country through two major crises – the balance of payments crisis and the securities scam – in the early 1990s. He was also a seasoned bureaucrat, who served as the Finance Secretary in the Ministry of Finance, and a prolific writer, who authored several books and articles on the Indian economy.
Early Life and Education
Venkitaramanan was born on January 28, 1931, in Nagercoil, a town in the erstwhile princely state of Travancore, to a Tamil Iyer family. He completed his master’s degree in physics from University College Thiruvananthapuram, Kerala, and also earned a master’s degree in industrial administration from Carnegie Mellon University, Pittsburgh, USA.
Career as an IAS Officer
Venkitaramanan joined the Indian Administrative Service (IAS) in 1954 and served in various capacities in the Government of India and the state governments of Tamil Nadu and Karnataka. He was posted as the District Collector of Madurai, the Secretary of the Planning Commission, the Secretary of the Department of Economic Affairs, and the Finance Secretary in the Ministry of Finance. He also served as an adviser to the Government of Karnataka.
Governorship of the RBI
Venkitaramanan was appointed as the Governor of the RBI on December 22, 1990, for a term of two years. He assumed office at a time when the country was facing a severe balance of payments crisis, with fast-depleting foreign exchange reserves and mounting external debt.
He took decisive actions to stabilize the exchange rate, mobilize external assistance, and initiate structural reforms. He also played a key role in negotiating the IMF standby arrangement and the World Bank structural adjustment loan for India.
During his tenure as the RBI Governor, he also had to deal with the aftermath of the infamous Harshad Mehta scam, which exposed the loopholes in the banking system and the securities market.
He took measures to strengthen the regulation and supervision of banks and financial institutions, and to improve the transparency and efficiency of the securities market. He also introduced several innovations in the monetary policy framework, such as the liquidity adjustment facility, the bank rate, and the auction of treasury bills.
Later Years and Death
After retiring from the RBI, Venkitaramanan served as the Chairman of several companies, such as Ashok Leyland Investment Services Ltd., New Tirupur Area Development Corporation Ltd., and Ashok Leyland Finance Ltd. He also served on the boards of Reliance Industries Limited, SPIC, Piramal Healthcare Ltd., Tamil Nadu Water Investment Co. Ltd., and Housing Development Finance Corp. Ltd.
Published Books
He also published three books, titled Indian Economy: Reviews and Commentaries – Vol I, Indian Economy: Reviews and Commentaries – Vol II, and Indian Economy: Reviews and Commentaries – Vol III, which contained his insights and analysis on various aspects of the Indian economy.
Family
He was survived by his daughter Girija Vaidyanathan, who was a senior IAS officer and the Chief Secretary of Tamil Nadu.
Departure
He died on November 18, 2023, in Chennai, due to a brief illness.
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