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Former RBI Deputy Governor K C Chakrabarty Passes Away

Former Deputy Governor of Reserve Financial institution Okay C Chakrabarty handed away following a coronary heart assault on Friday. He was 68.

Mr Chakrabarty, a industrial banker-turned-central banker, died at his residence in suburban Chembur, banking trade sources stated.

After his stint at state-run lenders like Financial institution of Baroda, Indian Financial institution and Punjab Nationwide Financial institution Mr Chakrabarty had joined the RBI as a DG in 2009 and resigned in 2014, three months earlier than his time period ended.

Earlier than banking, Mr Chakrabarty had taught on the Banaras Hindu College earlier than getting into industrial banking.

At RBI, he dealt with quite a lot of departments together with banking regulation and supervision because the DG.

Following reviews of an “RBI official” placing query marks over coverage efficacy in tackling inflation, he was stripped of many obligations by the then Governor D Subbarao, and was left with solely the Rajbhasha Division. Subsequently, his obligations have been restored.

At RBI, he had a fame for sharp wit, humour and fast retorts. He incessantly critiqued his former industrial banking colleagues for blaming rise in dud loans as ”system-generated NPAs”, insisted on monetary inclusion targets and had a really public spat with former SBI chairman Pratip Chaudhuri over curiosity on money reserve ratio (CRR).

After his resignation, he had shifted base to London, the place he was posted earlier in his profession whereas working for Financial institution of Baroda.

In 2018, his identify cropped up as a suspect in two circumstances investigated by the Central Bureau of Investigation (CBI), together with one associated to the Vijay Mallya-owned Kingfisher Airways. He was additionally prevented from flying out to London due to a lookout round towards him.

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