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Ex-RBI governor & 'Father of banking reforms' Narasimham passes away
By IndianMandarins- 21 Apr 2021
3044Hyderabad (21.04.2021): Former Reserve Bank of India (RBI) governor Maidavolu Narasimham passed away in Hyderabad on Tuesday at the age of 94. He is considered an architect of the modern banking system in India as the idea of bank mergers and creating strong megabanks was first mooted by the Narasimham Committee back in 1991. Narasimhan was known for being the chair of two high-powered committees on banking and financial sector reforms. New-generation private sector umbrella banks such as Axis, Kotak, ICICI, HDFC, Axis, etc owe their existence to the recommendations of the first Narasimham Committee. Recently, the government merged 12 banks in order to create a few large public-sector banks. He was considered the man behind Asset Reconstruction Companies (ARCs), which form the basis of the proposed “bad bank” which is yet to take shape. No other committee had so much impact on the Indian financial sector as the Narasimham Committee. It is understood that Narasimhan, in 1976, drafted the RRB (Regional Rural Bank) Report in a single day. He firmly believed that that rural banks should have the professional approach of the commercial bank with a dominant local feel & local touch.
Ex-RBI governor & 'Father of banking reforms' Narasimham passes away
By IndianMandarins - 2021-04-21 09:13:00
Hyderabad (21.04.2021): Former Reserve Bank of India (RBI) governor Maidavolu Narasimham passed away in Hyderabad on Tuesday at the age of 94.
He is considered an architect of the modern banking system in India as the idea of bank mergers and creating strong megabanks was first mooted by the Narasimham Committee back in 1991. Narasimhan was known for being the chair of two high-powered committees on banking and financial sector reforms.
New-generation private sector umbrella banks such as Axis, Kotak, ICICI, HDFC, Axis, etc owe their existence to the recommendations of the first Narasimham Committee. Recently, the government merged 12 banks in order to create a few large public-sector banks.
He was considered the man behind Asset Reconstruction Companies (ARCs), which form the basis of the proposed “bad bank” which is yet to take shape.
No other committee had so much impact on the Indian financial sector as the Narasimham Committee.
It is understood that Narasimhan, in 1976, drafted the RRB (Regional Rural Bank) Report in a single day. He firmly believed that that rural banks should have the professional approach of the commercial bank with a dominant local feel & local touch.
