INSUBCONTINENT EXCLUSIVE:
Former Deputy Governor of Reserve Bank K C Chakrabarty passed away following a heart attack on Friday
He was 68.Mr Chakrabarty, a commercial banker-turned-central banker, died at his home in suburban Chembur, banking industry sources
said.After his stint at state-run lenders like Bank of Baroda, Indian Bank and Punjab National Bank Mr Chakrabarty had joined the RBI as a
DG in 2009 and resigned in 2014, three months before his term ended.Before banking, Mr Chakrabarty had taught at the Banaras Hindu
University before entering commercial banking.At RBI, he handled a variety of departments including banking regulation and supervision as
the DG.Following reports of an "RBI official" putting question marks over policy efficacy in tackling inflation, he was stripped of many
responsibilities by the then Governor D Subbarao, and was left with only the Rajbhasha Department
Subsequently, his responsibilities were restored.At RBI, he had a reputation for sharp wit, humour and quick retorts
He frequently critiqued his former commercial banking colleagues for blaming rise in dud loans as ''system-generated NPAs'', insisted on
financial inclusion targets and had a very public spat with former SBI chairman Pratip Chaudhuri over interest on cash reserve ratio
(CRR).After his resignation, he had shifted base to London, where he was posted earlier in his career while working for Bank of Baroda.In
2018, his name cropped up as a suspect in two cases investigated by the Central Bureau of Investigation (CBI), including one related to the
Vijay Mallya-owned Kingfisher Airlines
He was also prevented from flying out to London because of a lookout circular against him.
