Insta
Former RBI Governor And Architect Of Modern Indian Banking, M Narasimham Passes Away In Hyderabad
Swarajya Staff
Apr 21, 2021, 12:50 PM | Updated 12:50 PM IST
Save & read from anywhere!
Bookmark stories for easy access on any device or the Swarajya app.
Former governor of Reserve Bank of India (RBI), 94 year old Maidavolu Narasimham passed away in Hyderabad on Tuesday (20 April).
He joined RBI as a research officer in the Economics department and is the only governor who rose from the ranks of RBI.
Narasimham who is popularly called as the architect of modern Indian banking, had chaired two high-powered committees on banking and financial sector reforms.
The first high-powered committee he chaired was in 1991 on the financial system and second one in 1998 on banking sector reforms.
Almost all the reports that are written today on the banking sector start by referencing “Narasimham Committee Report” I and II.
Many reforms including bank mergers, creating strong megabanks and asset reconstruction companies (ARCs) were first mooted by the Narasimham Committee.
New-generation private sector banks such as ICICI, HDFC, Axis, Kotak etc owe their existence to the recommendations of the first Narasimham Committee, reports Business Standard.
“Though I never worked with him, we understood that he wrote the RRB (regional rural bank) report in 1976 in one day. He felt very strongly that rural banks should have a local feel and local touch, and they should have the professional approach of the commercial bank. This is how the RRBs came into existence,” former RBI deputy governor Usha Thorat said.
A former RBI official described him as a typical Southie - simple living and high thinking - very soft-spoken and gentle with a sharp mind.
Save & read from anywhere!
Bookmark stories for easy access on any device or the Swarajya app.
Introducing ElectionsHQ + 50 Ground Reports Project
The 2024 elections might seem easy to guess, but there are some important questions that shouldn't be missed.
Do freebies still sway voters? Do people prioritise infrastructure when voting? How will Punjab vote?
The answers to these questions provide great insights into where we, as a country, are headed in the years to come.
Swarajya is starting a project with an aim to do 50 solid ground stories and a smart commentary service on WhatsApp, a one-of-a-kind. We'd love your support during this election season.
Click below to contribute.