Former Reserve Bank of India (RBI) deputy governor KC Chakrabarty, a veteran of Indian banking who spent nearly four decades at the top rung across multiple state-run lenders and was one of the most outspoken critics of the flaws in the financial system, passed away on March 26 aged 68 following a heart attack.
Chakrabarty’s death was announced by an RBI spokesman. “Dr KC Chakrabarty, former DG passed away in the morning today. He was admitted in Zen Hospital, Chembur yesterday and was taking discharge when he suffered a heart attack,” the spokesman said in a message.
Chakrabarty was in Mumbai at the time of death and was undergoing treatment for a while. He is survived by his wife and son.
Chakrabarty was known for his in-depth knowledge of economy and the banking industry issues, particularly on issues related to financial inclusion. He heavily criticised the poor risk management practices in Indian banks and often passed the blame to the central bank and bank top managements for its failure in monitoring the risks in banks.