CHENNAI: Former Governor of the Reserve Bank of India S Venkitaramanan passed away here on Saturday, due to brief illness, sources said. He was 92.

Venkitaramanan was a member of the Indian Administrative Service and prior to taking up the role of RBI Governor, he had served as the Finance Secretary and later as an Adviser to the Government of Karnataka.

Venkitaramanan had served the RBI between December 1990 and December 1992. RBI Governor Shaktikanta Das hailed him as an 'outstanding personality' and 'public servant' and recalled his immense contributions during the period of crisis.

"The country faced difficulties related to the external sector during his tenure. His adroit management saw the country tide over the balance of payments crisis," the apex bank said.

Venkitaramanan's term also saw India adopt the IMF's stabilisation programme here the Rupee underwent a devaluation and the launch of the programme of economic reforms, the RBI said in its website.

In a social media post, Das said, "Very sad to hear about the demise of Shri S Venkitaramanan, former Governor of the RBI. He was an outstanding personality and public servant. He made immense contributions during periods of crisis. May his soul rest in eternal peace."

Senior Congress leader and former Union Minister Jairam Ramesh said, "Venkitaramanan was RBI Governor at a most crucial time of our economic history during 1990-92."

Apart from this, Venkitaramanan had made major contributions in industrial development and energy as well, the former Union Minister said in a social media post.