He joined RBI as a DG in 2009 and resigned in 2014, three months before his term ended.
Former Deputy Governor of Reserve Bank KC Chakraborty died of a heart attack on Friday. He was 68.
Banking industry sources said that Mr. Chakraborty, a commercial banker-central banker, died at his home in suburban Chembur.
After his tenure at state lenders such as Bank of Baroda, Indian Bank and Punjab National Bank, Chakraborty Chakraborty joined RBI as DG in 2009 and resigned in 2014, three months before his term ended.
Prior to banking, Mr. Chakraborty taught at the Banaras Hindu University before entering commercial banking.
At RBI, he handled several departments including Banking Regulation and Supervision as DG.
After reports of “an RBI official” questioning the policy implications in tackling inflation, the then Governor D.K. Many responsibilities were taken away from him by Subbarao, and he was left only to the Department of Official Language. Subsequently, his responsibilities were restored.
At RBI, he had a reputation for sharp wit, humor and quick retaliation. He often blamed his former commercial banking associates for the increase in dude loans as ‘system-generated NPAs’, emphasizing on financial inclusion targets and ex-chairman of SBI with interest on cash reserve ratio (CRR) It was a very public place with Pradeep Chaudhary.
After his resignation, he was transferred to Bess in London, where he was posted earlier in his career, working for the Bank of Baroda.
In 2018, he was named as a suspect in two cases investigated by the Central Bureau of Investigation (CBI), including one related to Vijay Mallya-owned Kingfisher Airlines. He was also prevented from going to London because of a lookout circular against him.
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