Chakrabarty, who had spent nearly four decades across multiple public sector banks, often spoke his mind on critical issues concerning the banking sector. He was also famous for his wit and sharp retorts
Veteran banker and former Reserve Bank of India (RBI) deputy governor K.C. Chakrabarty passed away early on Friday at his Mumbai residence following a heart attack. He was 68 years old.
Chakrabarty, who had spent nearly four decades across multiple public sector banks, often spoke his mind on critical issues concerning the banking sector. He was also famous for his wit and sharp retorts.
He was the deputy governor of the central bank between 15 June 2009 and 25 April 2014 when he demitted office three months before his term was to end. Prior to the stint, he had served as the chairman and managing director (CMD) of Punjab National Bank (2007-2009), and CMD of Indian Bank (2005-2007).
Chakrabarty started his career as a banker with the Bank of Baroda where his last assignment was to head the UK operations of the bank between 2001 and 2004.
Before entering commercial banking, Chakrabarty taught at his alma mater Banaras Hindu University (BHU) for nearly five years. He was a gold medalist in MSc statistics and held a doctorate in the same subject from BHU.
KCC, as he was fondly called, is credited with furthering the financial inclusion drive during his stint at RBI. He was also known to champion the cause of bank customers by taking initiatives to abolish or drastically reduce many charges that banks used to levy on customers.
At RBI, he was stripped of his portfolio following his comment on the efficacy in tackling inflation. Subsequently, his responsibilities were restored.
Chakrabarty’s years after retirement became quite challenging after the Central Bureau of Investigation issued a look out circular against him in connection with a first information report registered against Delhi-based travel company, Airworth Travels and Tours Private Limited, its promoters, and “unnamed public servants". The name of the former RBI deputy governor did not feature in the FIR, but the CBI questioned him in connection with the case and stopped him from travelling outside the country.
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