M Narasimham, father of banking reforms, dead
April 20, 2021
Maidavolu Narasimham×
Former Reserve Bank of India (RBI) Governor Maidavolu Narasimham passed away in Hyderabad on Tuesday. He was 94.
The recommendations of the two committees he headed – Committee on the Financial System, 1991 and the Committee of Banking Sector Reforms, 1998 – formed the bedrock of reforms in the Indian financial and banking sectors.
When the Emergency ended in 1977 and the new Janata Government was installed, it appointed Narasimham as Governor from May 2, 1977, to November 30, 1977.
Narasimham was the first and so far the only Governor to be appointed from the Reserve Bank cadre, having joined the central bank as a Research Officer in the Economic Department.