Former Reserve Bank of India Governor Maidavolu Narasimham, famously known as the father of Indian banking reforms, passed away on Tuesday at the age of 94.
He was born in 1927 and hails from Mydavolu village of Guntur District in Andhra Pradesh.
Narasimham was the 13th governor of RBI and he served as the central bank head 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 Bank as a Research Officer in the Economic Department. He later joined the government and prior to his appointment as governor he served as Additional Secretary, Department of Economic Affairs.
After his short term as RBI governor, he served as India's executive director at the World Bank and later at the International Monetary Fund (IMF).
Narasimham also headed various committees including the one on Financial System, 1991 and the Committee of Banking Sector Reforms, 1998.
Narasimham was awarded Padma Vibhushan award in the year 2000.
Dear Reader,
Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.
We, however, have a request.
As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.
Support quality journalism and subscribe to Business Standard.
Digital Editor
RECOMMENDED FOR YOU