Former Reserve Bank of India (RBI) governor M Narasimham breathed his last on Tuesday at a private hospital in Hyderabad after battling Covid-19. He was 94.
Narasimham served as the 13th RBI governor for seven months between May and November, 1977.
Narasimham had joined the RBI bank as a Research Officer in the Economic Department. He later joined the government and served as Additional Secretary in the Department of Economic Affairs.
After his stint at the RBI, Narasimham joined the International Monetary Fund where he served as Executive Director and later at the World Bank. He also served as the Finance Secretary in 1982.
Narasimham is credited with being the father of banking reform. In 1991 and 1997, he chaired two committees that had a major impact on the country's banking sector.