S. Venkitaramanan
Sri Venkitaramanan | |
|---|---|
| 18th Governor of Reserve Bank of India | |
| In office 22 December 1990 – 21 December 1992 | |
| Preceded by | R. N. Malhotra |
| Succeeded by | C. Rangarajan |
| Personal details | |
| Born | 28 January 1931 Nagercoil, Padmanabhapuram division, Travancore, India |
| Died | 18 November 2023 (aged 92) |
| Alma mater | Government Model Boys Higher Secondary School Attingal, University College Thiruvananthapuram, Carnegie Mellon University |
Sri Venkitaramanan (28 January 1931 – 18 November 2023) was an Indian economist who was the 18th Governor of the Reserve Bank of India. He served for a period of two years, from 1990 to 1992.[1] Earlier, he served as Finance Secretary in the Ministry of Finance, from 1985 to 1989.[2]
Venkitaramanan is seen by many as a brilliant crisis manager of the balance of payments crisis in India in the late 1980s and early 1990s.[3][4] His timely and decisive action laid the ground work for India salvaging the crisis, at a time when India's foreign-exchange reserves had almost depleted.[3][4]
Early life
Venkitaramanan was born on 28 January 1931 in the town of Nagercoil in Padmanathapuram division of the princely-state of Travancore, to a Tamil Iyer family.[5][6]
Venkitaramanan completed his master's degree in physics from University College Thiruvananthapuram, Kerala[7] and also earned a master's degree in Industrial Administration from Carnegie Mellon University, Pittsburgh, USA.[8]
Career
Venkitaramanan was a member of the Indian Administrative Service.[9] He was posted with the Government of India and with the state of Tamilnadu at various times. He also served the Government of Karnataka as adviser.[10]
Venkitaramanan served as Finance Secretary in the Ministry of Finance with the Government of India for four years from 1985 to 1989.[8] He later served as the 18th Governor of the Reserve Bank of India for two years between 1990 and 1992.[11][12] At the time of his appointment as RBI Governor, India was in the midst of a balance of payments crisis, with fast-depleting foreign exchange reserves.[11] His actions as the Governor were noted to have contributed to India's tiding over the crisis.[4][3][11] Specifically, during this time, the country adopted the International Monetary Fund's stabilization program and started on its economic liberalization program, including devaluation of the Indian rupee.[12] Earlier, in the late 1960s, he had also partnered with Indian politician, Chidambaram Subramaniam, as they ushered in India's green revolution.[12]
During his tenure as RBI Governor, the infamous Harshad Mehta scam was exposed by Sucheta Dalal.
After retirement, Venkitaramanan served as the Chairman of Ashok Leyland Investment Services Ltd., New Tirupur Area Development Corporation Ltd. and Ashok Leyland Finance Ltd.[8] He also served in the boards of Reliance Industries Limited, SPIC, Piramal Healthcare Ltd, Tamil Nadu Water Investment Co. Ltd and Housing Development Finance Corp. Ltd.[8]
Personal life
Venkitaraman was married and had two daughters. One of his daughters, Girija Vaidyanathan, was a 1981 Tamil Nadu cadre Indian Administrative Service officer who served as the Chief Secretary of Tamil Nadu.[13]
S. Venkitaramanan died on 18 November 2023, at the age of 92.[14][15]
Published works
Venkitaramanan published three books, Indian Economy: Reviews And Commentaries - Vol I, Indian Economy: Reviews And Commentaries - Vol II, and Indian Economy: Reviews And Commentaries - Vol III.
In popular culture
Actor Anant Mahadevan portrayed Venkitaramanan in Scam 1992, a Sony Liv's original web series based on 1992 Indian stock market scam of Harshad Mehta.[16]
References
- ^ "List of Governors". Reserve Bank of India. Retrieved 8 December 2006.
- ^ "S Venkitaramanan". indian-coins.com.
- ^ a b c Balakrishnan, Pulapre (23 August 2016). "Looking for some change, Governor". The Hindu – via www.thehindu.com.
- ^ a b c "In fact: RBI head and crisis manager during 1991 BOP turmoil". 5 April 2017.
- ^ "Archived copy" (PDF). Archived from the original (PDF) on 22 October 2020. Retrieved 19 March 2019.
{{cite web}}: CS1 maint: archived copy as title (link) - ^ "AIADMK's pick of no-nonsense Girija Vaidhyanathan as Chief Secretary surprises many". 22 December 2016.
- ^ "Profiles - Mr. S. Venkitaramanan :: Reliance Industries Limited". Archived from the original on 2 May 2014. Retrieved 2 May 2014.
- ^ a b c d "Stocks". www.bloomberg.com.
- ^ "SUPREMO". supremo.nic.in. Retrieved 24 December 2016.
- ^ "Urjit Patel resigns: From Osborne Smith to Shaktikanta Das, here's a list of the men who have held the top post at Mint Street". Moneycontrol.
- ^ a b c "Reserve Bank of India - Governors". Rbi.org.in. Retrieved 20 March 2019.
- ^ a b c Livemint (18 November 2023). "Former RBI Governor S Venkitaramanan dies at 92". mint. Retrieved 23 November 2023.
- ^ "5 things you need to know about new Chief Secretary of Tamil Nadu Girija Vaidyanathan | Latest News & Updates at Daily News & Analysis". dna. 22 December 2016. Retrieved 24 December 2016.
- ^ Former RBI Governor S Venkitaramanan passes away
- ^ Shetty, Mayur (18 November 2023). "S. Venkitaramanan, Former RBI Governor During 1990s Crisis, Passes Away at 92". The Times of India. Retrieved 19 November 2023.
- ^ "Real Vs. Reel: Characters In 'Scam 1992: The Harshad Mehta Story' & Their Real-Life Counterparts". ScoopWhoop. 17 October 2020. Retrieved 11 April 2021.
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