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

Venkitaramanan breathed his last in Chennai, leaving behind a legacy of remarkable service and contributions to India's economic landscape.

Born in Nagercoil, Travancore, Venkitaramanan served as the Governor of the RBI from December 22, 1990, to December 21, 1992. His tenure was notably marked by India grappling with a severe payments crisis, where his strategic leadership played a pivotal role in navigating the country through tumultuous economic challenges.

Apart from his tenure as RBI Governor, Venkitaramanan held key positions in public service. He served as the Finance Secretary from 1985 to 1989 and had been an advisor to the Government of Karnataka before assuming his role as the RBI's head.

During his leadership at the RBI, the nation confronted significant hurdles in the external sector. Venkitaramanan's adept management skills played a crucial role in steering India through the balance of payments crisis, as noted on the RBI's official website.

Moreover, his term witnessed pivotal moments in India's economic history. Under his stewardship, India embraced the International Monetary Fund's (IMF) stabilization program, leading to the devaluation of the Rupee. Additionally, this period saw the introduction of a program of economic reforms aimed at reshaping the country's economic landscape.

Venkitaramanan's contributions and strategic acumen have left an indelible mark on India's economic policies, ensuring his legacy as a visionary leader in the realm of finance and governance. He is survived by two daughters, one of whom is Girija Vaidyanathan, a former Chief Secretary of Tamil Nadu.

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