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Narasimham, architect of India’s banking reforms, passes away; financial sector in mourning
By M Somasekhar| Published: 21st April 2021 5:02 pm IST
M Somasekhar
In the royal meeting hall of Bella Vista in Hyderabad, one familiar personality, who strode the dais with his prominent presence and erudition for over two decades (1993-2015) was Dr M Narasimham, the former Governor of the Reserve Bank of India (RBI).
Though short statured his baritone voice and crisp but insightful observations at many important policy meetings, training courses for MPs, IAS, brainstorming sessions etc., as Principal and later as Chairman of the Board of the Administrative Staff College of India (ASCI), surely have left a deep imprint.
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.