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Current Affairs 30th March 2021: Former RBI Deputy Governor KC Chakrabarty passes away- A glimpse of his journey

30th March, 2021 Published by: Saloni Bhatia Updated Tue, 30 Mar 2021 05:47 PM IST
Source: Amar ujala
KC Chakrabarty, the former Deputy Governor of the Reserve Bank of India, died of a heart attack on Friday morning. From June 2009 to April 2014, he served as RBI DG, resigning three months before his term expired.

When and How did the death of KC Chakrabarty take place?

KC Chakrabarty, the former Deputy Governor of the Reserve Bank of India, died of a heart attack on Friday morning. From June 2009 to April 2014, he served as RBI DG, resigning three months before his term expired.

For what he was known for?

  • He is well-known in India and around the world for his contributions to financial inclusion and literacy.
  • He made contributions to banking regulation and supervision, microfinance institutions, bank customer rights, SMEs, and RRB reform during his time at the RBI.

How did he begin his career?

He began his career as a teacher at Banaras Hindu University before joining the Bank of Baroda. During the years 2001 to 2004, he was in charge of BoB's UK activities. He went on to lead the Indian Bank and then Punjab National Bank before being appointed Deputy Governor of the Reserve Bank of India.

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Chakrabarty was known for his wit and humor throughout his career. With his enigmatic, candid, and witty remarks on all things banking, he was a master at wooing the audience.
After an off-the-record statement made by an 'RBI official' about the RBI's inadequacy to contain inflation made the headlines, he was stripped of all his primary portfolios. He was in charge of the Rajbhasha, information technology, and customer service divisions. Even so, it didn't seem to dampen his spirits.
Following this incident, then-Governor D Subbarao said at a seminar that PSB CEOs deserved better pay. The next speaker, Chakrabarty, was asked if he agreed with the Governor. "You want me to disagree so I won't be left with even the Rajbhasha department?" Chakrabarty had said without missing a beat.
Many economists later changed their minds, claiming that the RBI was behind the curve in fighting inflation.
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