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Indian Economy - Understanding the basics of Indian economic system

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25-Apr-21

M Narasimham “The Father of Banking Reforms” Passes Away at 94

The former Governor of Reserve Bank of India (RBI), M Narasimham, who was considered as the “father of banking reforms in India” has passed away due to Covid-19 related illness. He was 94.
He served as the 13th Governor of RBI for a short period of seven months between May and November 1977.
He was the first and only governor to be appointed from the Reserve Bank cadre.
Narasimham is often referred to as the father of banking reforms in India for his contributions to the banking and financial sector in India.
Narasimham was known for being the chair of two high-powered committees on banking and financial sector reforms namely Committee on the Financial System (1991) and the Committee of Banking Sector Reforms (1998).
Some major recommendations made by Narasimham Committee includes: Bank structures and mergers, Asset reconstruction, Rural banking, Capital adequacy and Private banks and modernization of public sector banks, among other things.
No other committee had so much impact on the Indian financial sector as the Narasimham Committee.
Narasimham had served as India’s executive director at the World Bank, International Monetary Fund and the Asian Development Bank.
He even served as the secretary in the Ministry of Finance, and additional secretary of the Department of Economic Affairs.
He was felicitated with India’s second highest civilian honor Padma Vibhushan in 2000.

By: Rohit Middha

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