Who Is S Venkitaramanan? All About Manoj Bajpayee's Governor Movie Inspiration

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of the films releasing in theatres this week is Manoj Bajpayee’s Governor. Directed by Chinmay Mandlekar, the financial thriller is inspired by real-life stories, but with a creative and dramatic presentation. The film also stars Adah Sharma, Noushad Mohamed Kunju, Madhoo Shah and Krisha Kurup among others. Ahead of its release, let’s revisit the 1990–1991 Indian economic crisis and how former Reserve Bank of India Governor S. Venkitaramanan stepped forward to save the country’s economy. In Governor, Manoj’s character is named A. Ramanan. If you’re unaware of India’s important financial chapter, here’s what exactly unfolded.

Who was S Venkitaramanan, former RBI governor

S. Venkitaramanan, who served as the Finance Secretary in the government of India in the 1980s, took the role of an RBI Governor amid the balance of payment crisis that was intensified by the Iraq-Kuwait War. The national problem demanded unconventional measures, including shipping gold reserves to raise foreign exchange. According to reports, the RBI borrowed around USD 405 million by pledging gold reserves kept outside India. This was done under Venkitaramanan’s leadership.

S. Venkitaramanan story that inspired Manoj Bajpayee's Governor

Due to frequent changes in the central government, the governor had to make crucial decisions to tap into international financial institutions and raise foreign exchange. The regulatory body for the Indian banking system and Indian currency then reached out to the International Monetary Fund (IMF) for assistance. Under the governor’s guidance, the early requests were related to the Compensatory and Contingency Financing Facility (CCFF), providing limited conditionalities. The government, in consultation with the RBI, decided to devalue the rupee sharply in two steps in June 1991.During the crisis period, Venkitaramanan brought banking sector reforms and introduced changes in the exchange rate system, leaning towards a dual exchange rate. He championed public sector enterprises where efficiency could be maintained. Amid economic uncertainties, Venkitaramanan put the spotlight on the need for prudent financial policies for stability and resilience.

S Venkitaramanan death

Venkitaramanan died at the age of 92 on November 18, 2023, in Chennai due to age-related illness. He is survived by his daughters Girija Vaidyanathan and Sudha. The former governor’s wife passed away long before his death.

About Manoj Bajpayee's Governor

Directed by Chinmay Mandlekar and produced by Vipul Amrutlal Shah under Sunshine Pictures, Governor is co-written by Suvendu Bhattacharyjee, Saurabh Bharat, Ravi Asrani, and Vipul. The movie releases on June 12.