Former Reserve Bank Governor S Venkitaramanan passed away on Saturday at the age of 92. He is credited with getting the country out of the currency crisis in the early 1990s.
Responsibilities given during this crisis
S Venkatramanan was an officer of the Indian Administrative Service. Were. He was made the Governor of the Reserve Bank in December 1990. He held the post of Governor of the Reserve Bank till December 1992. During the two years of his tenure, the country faced continuous crises. It was during his tenure that the Balance of Payment Transfer crisis came to light, which is also known as the currency crisis. He is given the credit for getting the country out of the BOP crisis.
Many crises continued to occur
Rapid changes are taking place on the economic front during the 2-year tenure of S. Venkataramanan. Were. He got the responsibility of the Central Bank at a time when the country was going through the phase of economic liberalisation. First of all he faced the BOP crisis. Then the period of economic reforms started. The famous Harshad Mehta scam of stock market also came to light during his tenure. S Venkataramanan faced all the crises with his ability to take quick decisions and brought the country and the Central Bank out of those crises.
For this reason he was made the Governor
The then Chandra Shekhar The Governor of the Reserve Bank was made during the government. He was the 18th Governor of the Reserve Bank of India. He did not have the qualifications of an economist, yet he was given the responsibility of the Reserve Bank, because he was aware of the balance of payment transfer crisis which had almost exhausted the country’s foreign exchange reserves.
Worked in these companies also
Before becoming the Governor of the Reserve Bank, he had been the Finance Secretary. He held the responsibility of Finance Secretary in the Finance Ministry from 1985 to 1989. Even after retirement, he was active in different roles. He was the chairman of Ashok Leyland Investment Services, New Tripura Area Development Corporation and Ashok Leyland Finance. He was also a part of the board of companies like Reliance Industries, SPIC, Piramal Healthcare, Tamil Nadu Water Investment Company and HDFC.
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