S. Venkitaramanan, former Governor of Reserve Bank of India in 1992
| Photo Credit: The Hindu Archives

Former Governor of the Reserve Bank of India (RBI) S. Venkitaramanan (92), and a member of the Indian Administrative Service, passed away on November 18 in Chennai, the RBI said on November 18. 

Venkitaramanan is survived by two daughters, including Girija Vaidyanathan — a former Chief Secretary of Tamil Nadu.

Born in 1931 in Nagercoil, which was at the time a part of the princely state of Travancore, he was the Governor of RBI from 22. 12. 1990 to 21. 12. 1992, during which period the country faced a severe balance of payments crisis. 

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.

“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,” the RBI says on its website, describing Venkitaramanan’s tenure at the helm. 

“His term also saw India adopt the IMF’s stabilisation programme where the Rupee underwent a devaluation and the launch of the programme of economic reforms,” it added.