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S. Venkitaramanan, Former RBI Governor Passes Away

Utkarsh Classes 19-11-2023
S. Venkitaramanan, Former RBI Governor Passes Away Death 5 min read

Former RBI Governor S Venkitaramanan died this morning after succumbing to a short illness. One of India's most talented public workers, notably in the subject of finance, has died at the age of 92 in Chennai. S Venkitaramanan served as RBI Governor during a critical period in our country's history, from 1990 to 1992. Venkitaramanan, who was born in Travancore on January 28, 1931, held a number of influential roles before becoming RBI Governor, including Finance Secretary of India and consultant to the Government of Karnataka. 

About S. Venkitaramanan

  • S. Venkitaramanan died at the age of 92, leaving behind two daughters, Girija and Sudha, and their families. 
  • He was the 18th Governor of the Reserve Bank of India, serving for two years from 1990 to 1992. 
  • Prior to this, he was Finance Secretary in the Ministry of Finance from 1985 until 1989. 
  • During Venkitaramanan's tenure, India also adopted the International Monetary Fund's (IMF) stability policy, which included a depreciation of the currency and the commencement of an economic reform project.
  • He was a vital assistant to C Subramaniam, who was instrumental in bringing in the Green Revolution in the mid-1960s. 
  • S Venkitaramanan, the former Governor of the Reserve Bank of India (RBI), died this morning after succumbing to a short illness.  
  • Former RBI Governor S. Venkitaramanan's term from 1990 to 1992 occurred amid a difficult moment for India's external sector, but his astute management guided the country through it. 

Reserve Bank of India

  • The Reserve Bank of India is a national institution and a foundation of India's thriving economy. It is a member of the International Monetary Fund (IMF). 
  • The Reserve Bank of India Act of 1934 established the Reserve Bank of India on April 1, 1935.
  • The Reserve Bank's Central Office was originally located in Calcutta (now Kolkata) until being permanently shifted to Mumbai in 1937. 
  • The Governor works at the Central Office where policies are created.
  • Though originally privately held, the Reserve Bank has been wholly owned by the Government of India since its nationalisation in 1949.
  • The central board of directors oversees the operations of the Reserve Bank. 
  • The RBI, also known as the Monetary Authority of India, was established in response to the Hilton Young Commission's suggestion.
  • The Reserve Bank of India Act of 1934 established the RBI's legislative standing, and it began operations on April 1, 1935.

Monetary Policy Committee

  • The Monetary Policy Committee was established in 2016.
  • It strives to increase openness and accountability in monetary policy decisions.
  • The MPC decides on the policy interest rate needed to attain the inflation objective.
  • The committee has six members, with the Governor of the RBI serving as an ex-officio chairman. 
  • Three members are appointed by the RBI, while three are appointed by the government.
  • The inflation goal will be established every five years. The Government of India determines it in cooperation with the Reserve Bank.

FAQ

Answer. RBI stands for Reserve Bank of India.

Answer. The Monetary Policy Committee was established in 2016.

Answer. The Reserve Bank of India Act of 1934 led to the establishment of the RBI.

Answer. S. Venkitaramanan was Former RBI Governor.
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