Kamalesh Chandra Chakrabarty: Difference between revisions

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{{Short description|Indian banker}}
{{Short description|Indian banker (1952–2021)}}
{{Use British English|date=February 2012}}
{{Use British English|date=February 2012}}
{{Use dmy dates|date=March 2021}}
{{Use dmy dates|date=April 2024}}
{{Infobox officeholder
{{Infobox officeholder
| name                = Kamalesh Chandra Chakrabarty
| name                = Kamalesh Chandra Chakrabarty
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| term_start          = 15 June 2009
| term_start          = 15 June 2009
| term_end            = 25 April 2014
| term_end            = 25 April 2014
| governor            = [[Duvvuri Subbarao]]<br>[[Raghuram Rajan]]
| governor            = [[Duvvuri Subbarao]]<br />[[Raghuram Rajan]]
| predecessor        = V. Leeladhar
| predecessor        = V. Leeladhar
| successor          = S. S. Mundra
| successor          = S. S. Mundra
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}}
}}


'''Kamalesh Chandra Chakrabarty''' or '''K. C. Chakrabarty''', (27 June 1952{{Spaced en dash}}26 March 2021) was an Indian banker who served as one of the four Deputy Governors of the [[Reserve Bank of India]] (RBI) (India's [[central bank]]) from 15 June 2009 to 25 April 2014, resigning three months ahead of the completion of his term.<ref>{{cite web|url=http://www.livemint.com/Politics/COWVcnrDKDR4pcaWexW0zI/Govt-notifies-Chakrabarty8217s-appointment-at-RBI.html |title=Govt notifies Chakrabarty's appointment at RBI |publisher=Livemint |date=8 June 2009 |access-date=16 January 2013}}</ref><ref>{{cite web|url=http://www.thehindubusinessline.com/todays-paper/chakrabarty-to-be-rbi-dy-governor/article1055342.ece |title=Business Line : Today's Paper News : Chakrabarty to be RBI Dy Governor |publisher=The Hindu Business Line |date=3 June 2009 |access-date=14 January 2013}}</ref> He was noted for his contributions to advancing [[financial inclusion]] and [[financial literacy]] during his time at the central bank.  
'''Kamalesh Chandra Chakrabarty''' or '''K. C. Chakrabarty''', (27 June 1952{{Spaced en dash}}26 March 2021) was an Indian banker who served as one of the four Deputy Governors of the [[Reserve Bank of India]] (RBI) (India's [[central bank]]) from 15 June 2009 to 25 April 2014, resigning three months ahead of the completion of his term.<ref>{{cite web|url=http://www.livemint.com/Politics/COWVcnrDKDR4pcaWexW0zI/Govt-notifies-Chakrabarty8217s-appointment-at-RBI.html |title=Govt notifies Chakrabarty's appointment at RBI |publisher=Livemint |date=8 June 2009 |access-date=16 January 2013}}</ref><ref>{{cite web|url=http://www.thehindubusinessline.com/todays-paper/chakrabarty-to-be-rbi-dy-governor/article1055342.ece |title=Business Line : Today's Paper News : Chakrabarty to be RBI Dy Governor |work=Business Line|location=Chennai |date=3 June 2009 |access-date=14 January 2013}}</ref> He was noted for his contributions to advancing [[financial inclusion]] and [[financial literacy]] during his time at the central bank.


Chakrabarty had also served in India's [[Public sector banks in India|public sector bank]], [[Bank of Baroda]], for 26 years and also served as the chairman of [[Indian Bank]] and [[Punjab National Bank]] before being appointed the deputy governor of the Indian central bank.<ref>{{cite web|url=http://www.business-standard.com/india/news/k-c-chakrabarty-may-get-2-yr-extension-as-rbi-dy-governor/476681/ |title=K C Chakrabarty may get 2-yr extension as RBI dy governor |work=Business Standard|date=8 June 2012 |access-date=14 January 2013}}</ref>
Chakrabarty had also served in India's [[Public sector banks in India|public sector bank]], [[Bank of Baroda]], for 26 years and also served as the chairman of [[Indian Bank]] and [[Punjab National Bank]] before being appointed the deputy governor of the Indian central bank.<ref>{{cite news|url=http://www.business-standard.com/india/news/k-c-chakrabarty-may-get-2-yr-extension-as-rbi-dy-governor/476681/ |title=K C Chakrabarty may get 2-yr extension as RBI dy governor |work=Business Standard|date=8 June 2012 |access-date=14 January 2013|last1=Saha |first1=Manojit }}</ref>


==Early life==
==Early life==
Chakrabarty was born on 27 June 1952 in a [[Bengali people|Bengali]] [[Brahmin]] family in District Kandhmala in [[Orissa, India|Orissa]]. He was the only son of six children born to parents who migrated to India from [[East Pakistan]] after independence.<ref name=":3">{{cite web|author=Sangita Mehta, ET Bureau 20 June 2012, 04.13AM IST|date=20 June 2012|title=KC Chakrabarty: Regulator with a sense of humour&nbsp;– Economic Times|url=http://articles.economictimes.indiatimes.com/2012-06-20/news/32335697_1_deputy-governor-kc-chakrabarty-bank-chiefs|access-date=14 January 2013|publisher=Articles.economictimes.indiatimes.com}}</ref> He moved to [[Varanasi]] and completed most of his education in the Indian state of [[Uttar Pradesh]].<ref name=":3" /> He completed his [[bachelor's degree]] in science and a [[master's degree]] in science with a specialization in statistics from the [[Banaras Hindu University]]. He was a second rank holder during his bachelor's degree and a first rank gold medalist during his master's degree. He went on to complete his [[Doctor of Philosophy|Doctorate in Philosophy]] in statistics from the same university.<ref name=":3" /><ref>{{Cite web|title=Reserve Bank of India - Press Release|url=https://www.rbi.org.in/scripts/BS_PressReleaseDisplay.aspx?prid=20854|url-status=live}}</ref>  
Chakrabarty was born on 27 June 1952 in a [[Bengali people|Bengali]] [[Brahmin]] family in District Kandhmala in [[Orissa, India|Orissa]]. He was the only son of six children born to parents who migrated to India from [[East Pakistan]] after independence.<ref name=":3">{{cite web|author=Sangita Mehta|date=20 June 2012|title=KC Chakrabarty: Regulator with a sense of humour&nbsp;– Economic Times|url=http://articles.economictimes.indiatimes.com/2012-06-20/news/32335697_1_deputy-governor-kc-chakrabarty-bank-chiefs|archive-url=https://web.archive.org/web/20140107102851/http://articles.economictimes.indiatimes.com/2012-06-20/news/32335697_1_deputy-governor-kc-chakrabarty-bank-chiefs|url-status=dead|archive-date=7 January 2014|access-date=14 January 2013|work=The Economic Times}}</ref> He moved to [[Varanasi]] and completed most of his education in the Indian state of [[Uttar Pradesh]].<ref name=":3" /> He completed his [[bachelor's degree]] in science and a [[master's degree]] in science with a specialization in statistics from the [[Banaras Hindu University]]. He was a second rank holder during his bachelor's degree and a first rank gold medalist during his master's degree. He went on to complete his [[Doctor of Philosophy|Doctorate in Philosophy]] in statistics from the same university.<ref name=":3" /><ref>{{Cite web|title=Reserve Bank of India – Press Release|url=https://www.rbi.org.in/scripts/BS_PressReleaseDisplay.aspx?prid=20854}}</ref>


==Career==
==Career==
Chakrabarty started his career with the [[Banaras Hindu University]] as a professor, where he taught for five years, before joining the [[Public sector banks in India|Indian public sector bank]], [[Bank of Baroda]]. He worked with the bank for twenty-six years, during which he headed the [[United Kingdom]] operations of the bank between 2001 and 2004.<ref name=":1">{{Cite web|date=26 March 2021|title=Former RBI deputy governor KC Chakrabarty passes away|url=https://indianexpress.com/article/cities/mumbai/former-rbi-deputy-governor-kc-chakrabarty-passes-away-7246224/|access-date=26 March 2021|website=The Indian Express}}</ref><ref name=":0">{{Cite news|last=Roy|first=Anup|date=26 March 2021|title=Former RBI Deputy Governor K C Chakrabarty passes away in Mumbai|work=Business Standard India|url=https://www.business-standard.com/article/current-affairs/former-rbi-deputy-governor-k-c-chakrabarty-passes-away-in-mumbai-121032600220_1.html|access-date=26 March 2021}}</ref> He went on to serve as the chairman and managing director of the Indian public sector banks, [[Indian Bank]], between 2005 and 2007, and [[Punjab National Bank]], between 2007 and 2009.<ref name=":0" />


Chakrabarty started his career with the [[Banaras Hindu University]] as a professor, where he taught for five years, before joining the [[Public sector banks in India|Indian public sector bank]], [[Bank of Baroda]]. He worked with the bank for twenty-six years, during which he headed the [[United Kingdom]] operations of the bank between 2001 and 2004.<ref name=":1">{{Cite web|date=26 March 2021|title=Former RBI deputy governor KC Chakrabarty passes away|url=https://indianexpress.com/article/cities/mumbai/former-rbi-deputy-governor-kc-chakrabarty-passes-away-7246224/|access-date=26 March 2021|website=The Indian Express|language=en}}</ref><ref name=":0">{{Cite news|last=Roy|first=Anup|date=26 March 2021|title=Former RBI Deputy Governor K C Chakrabarty passes away in Mumbai|work=Business Standard India|url=https://www.business-standard.com/article/current-affairs/former-rbi-deputy-governor-k-c-chakrabarty-passes-away-in-mumbai-121032600220_1.html|access-date=26 March 2021}}</ref> He went on to serve as the chairman and managing director of the Indian public sector banks, [[Indian Bank]], between 2005 and 2007, and [[Punjab National Bank]], between 2007 and 2009.<ref name=":0" />
He served as the [[Deputy Governor of the Reserve Bank of India]] between 2009 and 2014, leaving office three months prior to his term end.<ref name=":0" /> During this time, he was relieved of most of his responsibilities when an off-the-record comment attributed to him, had him calling out the central bank's inadequacy in controlling inflation. He was left with leadership of the ''Rajabhaasha'' ({{Translation|official language}}), information technology, and customer service departments at the bank. His responsibilities were later reinstated.<ref>{{Cite web|title=Former RBI Deputy Governor KC Chakrabarty passes away|url=https://www.cnbctv18.com/india/former-rbi-deputy-governor-kc-chakrabarty-passes-away-8730181.htm|access-date=26 March 2021|website=cnbctv18.com|date=26 March 2021}}</ref> He also served in the Secretary's Department, Department of Banking Supervision, Financial Stability Unit, Human Resource Management Department, Rajbhasha Department, Department of Currency Management, Deposit Insurance and Credit Guarantee Corporation, Customer Service Department and the Rural Planning and Credit Department.<ref>{{cite web|date=3 December 2004|title=Reserve Bank of India|url=http://www.rbi.org.in/scripts/AboutusDisplay.aspx?pg=Departments.htm|access-date=14 January 2013|publisher=Rbi.org.in}}</ref><ref>{{cite web|last=Crabtree|first=James|date=31 August 2012|title=India's banks face balance sheet decline|url=http://www.ft.com/intl/cms/s/0/a06e8de6-f193-11e1-b7b9-00144feabdc0.html#axzz2HvsPDntI|access-date=14 January 2013|work=Financial Times|location=London}}</ref><ref>{{cite web|last=Kumar|first=Anand|date=24 December 2012|title=Industrial houses to get banking licence|url=http://dawn.com/2012/12/24/industrial-houses-to-get-banking-licence/|access-date=14 January 2013|work=Dawn|location=Pakistan}}</ref><ref>{{cite web|author=Our Bureau|date=17 October 2012|title=Business Line : Industry & Economy / Banking : K.C. Chakrabarty to head the financial inclusion panel|url=http://www.thehindubusinessline.com/industry-and-economy/banking/kc-chakrabarty-to-head-the-financial-inclusion-panel/article3988460.ece|access-date=14 January 2013|work=Business Line|location=Chennai}}</ref><ref>{{cite web|title=Press Information Bureau English Releases|url=http://pib.nic.in/newsite/erelease.aspx?relid=64535|access-date=14 January 2013|publisher=Pib.nic.in}}</ref><ref>{{cite web|author=PTI|date=15 October 2012|title=PSL norms for foreign banks: K C Chakrabarty dismisses criticism&nbsp;– Economic Times|url=http://articles.economictimes.indiatimes.com/2012-10-15/news/34473340_1_priority-sector-foreign-banks-psl-norms|archive-url=https://web.archive.org/web/20140107103330/http://articles.economictimes.indiatimes.com/2012-10-15/news/34473340_1_priority-sector-foreign-banks-psl-norms|url-status=dead|archive-date=7 January 2014|access-date=14 January 2013|work=The Economic Times}}</ref>


He served as the [[Deputy Governor of the Reserve Bank of India]] between 2009 and 2014, leaving office three months prior to his term end.<ref name=":0" /> During this time, he was relieved of most of his responsibilities when an off-the-record comment attributed to him, had him calling out the central bank's inadequacy in controlling inflation. He was left with leadership of the ''Rajabhaasha'' ({{Translation|official language}}), information technology, and customer service departments at the bank. His responsibilities were later reinstated.<ref>{{Cite web|title=Former RBI Deputy Governor KC Chakrabarty passes away|url=https://www.cnbctv18.com/india/former-rbi-deputy-governor-kc-chakrabarty-passes-away-8730181.htm|access-date=26 March 2021|website=cnbctv18.com|language=en-US}}</ref>  He also served in the Secretary's Department, Department of Banking Supervision, Financial Stability Unit, Human Resource Management Department, Rajbhasha Department, Department of Currency Management, Deposit Insurance and Credit Guarantee Corporation, Customer Service Department and the Rural Planning and Credit Department. <ref>{{cite web|date=3 December 2004|title=Reserve Bank of India|url=http://www.rbi.org.in/scripts/AboutusDisplay.aspx?pg=Departments.htm|access-date=14 January 2013|publisher=Rbi.org.in}}</ref><ref>{{cite web|last=Crabtree|first=James|date=31 August 2012|title=India's banks face balance sheet decline|url=http://www.ft.com/intl/cms/s/0/a06e8de6-f193-11e1-b7b9-00144feabdc0.html#axzz2HvsPDntI|access-date=14 January 2013|publisher=FT.com}}</ref><ref>{{cite web|last=Kumar|first=Anand|date=24 December 2012|title=Industrial houses to get banking licence|url=http://dawn.com/2012/12/24/industrial-houses-to-get-banking-licence/|access-date=14 January 2013|publisher=Dawn.Com}}</ref><ref>{{cite web|author=Our Bureau|date=17 October 2012|title=Business Line : Industry & Economy / Banking : K.C. Chakrabarty to head the financial inclusion panel|url=http://www.thehindubusinessline.com/industry-and-economy/banking/kc-chakrabarty-to-head-the-financial-inclusion-panel/article3988460.ece|access-date=14 January 2013|publisher=The Hindu Business Line}}</ref><ref>{{cite web|title=Press Information Bureau English Releases|url=http://pib.nic.in/newsite/erelease.aspx?relid=64535|access-date=14 January 2013|publisher=Pib.nic.in}}</ref><ref>{{cite web|author=PTI|date=15 October 2012|title=PSL norms for foreign banks: K C Chakrabarty dismisses criticism&nbsp;– Economic Times|url=http://articles.economictimes.indiatimes.com/2012-10-15/news/34473340_1_priority-sector-foreign-banks-psl-norms|access-date=14 January 2013|publisher=Articles.economictimes.indiatimes.com}}</ref>
He resigned from the central bank's position three months before the end of his term in 2014, and later briefly shifted base to London in the United Kingdom.<ref name=":2">{{Cite news|agency=PTI|date=26 March 2021|title=Former RBI Deputy Governor K.C. Chakrabarty passes away|work=The Hindu|url=https://www.thehindu.com/news/national/former-rbi-deputy-governor-kc-chakrabarty-passes-away/article34167520.ece|access-date=26 March 2021|issn=0971-751X}}</ref> In 2018, he was named as a suspect by the [[Central Bureau of Investigation]] in two cases, including one relating to bad loans to the now defunct [[Kingfisher Airlines]].<ref name=":2" /> A [[look out circular]] was issued that prevented him from leaving the country and flying to London.<ref name=":2" />
 
He resigned from the central bank's position three months before the end of his term in 2014, and later briefly shifted base to London in the United Kingdom.<ref name=":2">{{Cite news|others=PTI|date=26 March 2021|title=Former RBI Deputy Governor K.C. Chakrabarty passes away|language=en-IN|work=The Hindu|url=https://www.thehindu.com/news/national/former-rbi-deputy-governor-kc-chakrabarty-passes-away/article34167520.ece|access-date=26 March 2021|issn=0971-751X}}</ref> In 2018, he was named as a suspect by the [[Central Bureau of Investigation]] in two cases, including one relating to bad loans to the now defunct [[Kingfisher Airlines]].<ref name=":2" /> A [[look out circular]] was issued that prevented him from leaving the country and flying to London.<ref name=":2" />


===Contributions===
===Contributions===
 
Chakrabarty was noted for his contribution to the field of [[financial inclusion]] and [[financial literacy]] in the country.<ref>{{cite web|date=27 April 2012|title=RBI's Chakrabarty discusses increasing financial inclusion|url=http://www.centralbanking.com/central-banking/speech/2170910/rbis-chakrabarty-discusses-increasing-financial-inclusion|access-date=16 January 2013|publisher=Central Banking}}</ref><ref>{{cite web|date=10 May 2012|title=Analysis|url=http://www.orfonline.org/cms/sites/orfonline/modules/analysis/AnalysisDetail.html?cmaid=36740&mmacmaid=36741|access-date=16 January 2013|publisher=Orfonline.org|archive-date=27 April 2015|archive-url=https://web.archive.org/web/20150427171121/http://orfonline.org/cms/sites/orfonline/modules/analysis/AnalysisDetail.html?cmaid=36740&mmacmaid=36741|url-status=dead}}</ref> During his role with the RBI, he advanced the financial inclusion actions of the bank aimed at driving down service costs for end customers.  Some of the specific changes included loan portability that allowed for customers to transfer their loan accounts across lenders, and streamlining of foreclosure charges.<ref name=":0" /> He also contributed to banking regulation and supervision, championing of rights of banks' customers, [[microfinance]] institutions, [[Small and medium enterprises|SME]]s,<ref>{{cite web|title=Apex bank to finalise report on sick units soon|date=7 February 2008 |url=http://www.financialexpress.com/news/apex-bank-to-finalise-report-on-sick-units-soon/269888|access-date=16 January 2013|publisher=Financialexpress.com}}</ref> restructuring of India's [[Regional Rural Bank]]s.<ref>{{cite web|title=Press Information Bureau English Releases|url=http://pib.nic.in/newsite/erelease.aspx?relid=64535|access-date=16 January 2013|publisher=Pib.nic.in}}</ref>
Chakrabarty was noted for his contribution to the field of [[financial inclusion]] and [[financial literacy]] in the country.<ref>{{cite web|date=27 April 2012|title=RBI's Chakrabarty discusses increasing financial inclusion|url=http://www.centralbanking.com/central-banking/speech/2170910/rbis-chakrabarty-discusses-increasing-financial-inclusion|access-date=16 January 2013|publisher=Central Banking}}</ref><ref>{{cite web|date=10 May 2012|title=Analysis|url=http://www.orfonline.org/cms/sites/orfonline/modules/analysis/AnalysisDetail.html?cmaid=36740&mmacmaid=36741|access-date=16 January 2013|publisher=Orfonline.org}}</ref> During his role with the RBI, he advanced the financial inclusion actions of the bank aimed at driving down service costs for end customers.  Some of the specific changes included loan portability that allowed for customers to transfer their loan accounts across lenders, and streamlining of foreclosure charges.<ref name=":0" /> He also contributed to banking regulation and supervision, championing of rights of banks' customers, [[microfinance]] institutions, [[Small and medium enterprises|SME]]s,<ref>{{cite web|title=Apex bank to finalise report on sick units soon|url=http://www.financialexpress.com/news/apex-bank-to-finalise-report-on-sick-units-soon/269888|access-date=16 January 2013|publisher=Financialexpress.com}}</ref> restructuring of India's [[Regional Rural Bank]]s.<ref>{{cite web|title=Press Information Bureau English Releases|url=http://pib.nic.in/newsite/erelease.aspx?relid=64535|access-date=16 January 2013|publisher=Pib.nic.in}}</ref>


During his time at the central bank, he was considered to be outspoken and often expressed his views that differed from the stance of the [[Reserve Bank of India]].<ref name=":0" /> He also spoke out against commercial bankers who attributed rising [[Non-performing loan|bad loans]] as 'system-generated' NPAs and had also had a public spat with the then chairman of the Indian public sector bank, [[Pratip Chaudhuri]], over interest payable on [[cash reserve ratio]].<ref name=":2" />
During his time at the central bank, he was considered to be outspoken and often expressed his views that differed from the stance of the [[Reserve Bank of India]].<ref name=":0" /> He also spoke out against commercial bankers who attributed rising [[Non-performing loan|bad loans]] as 'system-generated' NPAs and had also had a public spat with the then chairman of the Indian public sector bank, [[Pratip Chaudhuri]], over interest payable on [[cash reserve ratio]].<ref name=":2" />


=== Positions ===
===Positions===
Chakrabarty held these positions in his career<ref>http://rbidocs.rbi.org.in/rdocs/Content/PDFs/DRKCD170510.pdf</ref><ref>{{cite web|url=http://www.thehindubusinessline.com/todays-paper/tp-money-banking/article1054683.ece |title=Business Line : Today's Paper / MONEY & BANKING : K.C. Chakrabarty appointed RBI Deputy Governor |publisher=The Hindu Business Line |date=7 June 2009 |access-date=16 January 2013}}</ref>
Chakrabarty held these positions in his career<ref>{{cite web|url=http://rbidocs.rbi.org.in/rdocs/Content/PDFs/DRKCD170510.pdf|title=Dr. K.C. Chakrabarty|publisher=Reserve Bank of India}}</ref><ref>{{cite web|url=http://www.thehindubusinessline.com/todays-paper/tp-money-banking/article1054683.ece |title=Business Line : Today's Paper / MONEY & BANKING : K.C. Chakrabarty appointed RBI Deputy Governor |work=Business Line|location=Chennai |date=7 June 2009 |access-date=16 January 2013}}</ref>
* Chief executive, United Kingdom operations, [[Bank of Baroda]] between 2001 and 2004
* Chief executive, United Kingdom operations, [[Bank of Baroda]] between 2001 and 2004
* Executive director, [[Punjab National Bank]] in 2004
* Executive director, [[Punjab National Bank]] in 2004
Line 65: Line 63:
* Deputy Governor [[Reserve Bank of India]] between 2009 and 2014
* Deputy Governor [[Reserve Bank of India]] between 2009 and 2014


== Personal life ==
==Personal life==
Chakrabarty was married and had a son.<ref name=":0" /> He died on 26 March 2021 from a heart attack at his house in [[Chembur]] in Mumbai, India. He was aged 68.<ref name=":0" /><ref>{{Cite web|title=Former RBI Deputy Governor K C Chakrabarty Passes Away|url=https://www.moneycontrol.com/news/business/former-rbi-deputy-governor-k-c-chakrabarty-passes-away-6696321.html|access-date=26 March 2021|website=Moneycontrol}}</ref>
Chakrabarty was married and had a son.<ref name=":0" /> He died on 26 March 2021 from a heart attack at his house in [[Chembur]] in Mumbai, India. He was aged 68.<ref name=":0" /><ref>{{Cite web|title=Former RBI Deputy Governor K C Chakrabarty Passes Away|url=https://www.moneycontrol.com/news/business/former-rbi-deputy-governor-k-c-chakrabarty-passes-away-6696321.html|access-date=26 March 2021|website=Moneycontrol|date=26 March 2021 }}</ref>


==References==
==References==
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{{DEFAULTSORT:Chakrabarty, Kamalesh Chandra}}
{{DEFAULTSORT:Chakrabarty, Kamalesh Chandra}}
[[Category:Indian bankers]]
[[Category:1952 births]]
[[Category:1952 births]]
[[Category:Bengali people]]
[[Category:Bengali Hindus]]
[[Category:2021 deaths]]
[[Category:2021 deaths]]
[[Category:Banaras Hindu University alumni]]
[[Category:Banaras Hindu University people]]
[[Category:Banaras Hindu University people]]
[[Category:Banaras Hindu University alumni]]
[[Category:Bengali Hindus]]
[[Category:Indian bankers]]

Latest revision as of 15:30, 12 January 2026


Kamalesh Chandra Chakrabarty
Deputy Governor of Reserve Bank of India
In office
15 June 2009 – 25 April 2014
GovernorDuvvuri Subbarao
Raghuram Rajan
Preceded byV. Leeladhar
Succeeded byS. S. Mundra
Personal details
Born(1952-06-27)27 June 1952
India
Died26 March 2021(2021-03-26) (aged 68)
Mumbai
NationalityIndian
EducationBenaras Hindu University, Varanasi
OccupationBanker
Known forDeputy Governor of Reserve Bank of India

Kamalesh Chandra Chakrabarty or K. C. Chakrabarty, (27 June 1952 – 26 March 2021) was an Indian banker who served as one of the four Deputy Governors of the Reserve Bank of India (RBI) (India's central bank) from 15 June 2009 to 25 April 2014, resigning three months ahead of the completion of his term.[1][2] He was noted for his contributions to advancing financial inclusion and financial literacy during his time at the central bank.

Chakrabarty had also served in India's public sector bank, Bank of Baroda, for 26 years and also served as the chairman of Indian Bank and Punjab National Bank before being appointed the deputy governor of the Indian central bank.[3]

Early life[edit | edit source]

Chakrabarty was born on 27 June 1952 in a Bengali Brahmin family in District Kandhmala in Orissa. He was the only son of six children born to parents who migrated to India from East Pakistan after independence.[4] He moved to Varanasi and completed most of his education in the Indian state of Uttar Pradesh.[4] He completed his bachelor's degree in science and a master's degree in science with a specialization in statistics from the Banaras Hindu University. He was a second rank holder during his bachelor's degree and a first rank gold medalist during his master's degree. He went on to complete his Doctorate in Philosophy in statistics from the same university.[4][5]

Career[edit | edit source]

Chakrabarty started his career with the Banaras Hindu University as a professor, where he taught for five years, before joining the Indian public sector bank, Bank of Baroda. He worked with the bank for twenty-six years, during which he headed the United Kingdom operations of the bank between 2001 and 2004.[6][7] He went on to serve as the chairman and managing director of the Indian public sector banks, Indian Bank, between 2005 and 2007, and Punjab National Bank, between 2007 and 2009.[7]

He served as the Deputy Governor of the Reserve Bank of India between 2009 and 2014, leaving office three months prior to his term end.[7] During this time, he was relieved of most of his responsibilities when an off-the-record comment attributed to him, had him calling out the central bank's inadequacy in controlling inflation. He was left with leadership of the Rajabhaasha (transl. official language), information technology, and customer service departments at the bank. His responsibilities were later reinstated.[8] He also served in the Secretary's Department, Department of Banking Supervision, Financial Stability Unit, Human Resource Management Department, Rajbhasha Department, Department of Currency Management, Deposit Insurance and Credit Guarantee Corporation, Customer Service Department and the Rural Planning and Credit Department.[9][10][11][12][13][14]

He resigned from the central bank's position three months before the end of his term in 2014, and later briefly shifted base to London in the United Kingdom.[15] In 2018, he was named as a suspect by the Central Bureau of Investigation in two cases, including one relating to bad loans to the now defunct Kingfisher Airlines.[15] A look out circular was issued that prevented him from leaving the country and flying to London.[15]

Contributions[edit | edit source]

Chakrabarty was noted for his contribution to the field of financial inclusion and financial literacy in the country.[16][17] During his role with the RBI, he advanced the financial inclusion actions of the bank aimed at driving down service costs for end customers. Some of the specific changes included loan portability that allowed for customers to transfer their loan accounts across lenders, and streamlining of foreclosure charges.[7] He also contributed to banking regulation and supervision, championing of rights of banks' customers, microfinance institutions, SMEs,[18] restructuring of India's Regional Rural Banks.[19]

During his time at the central bank, he was considered to be outspoken and often expressed his views that differed from the stance of the Reserve Bank of India.[7] He also spoke out against commercial bankers who attributed rising bad loans as 'system-generated' NPAs and had also had a public spat with the then chairman of the Indian public sector bank, Pratip Chaudhuri, over interest payable on cash reserve ratio.[15]

Positions[edit | edit source]

Chakrabarty held these positions in his career[20][21]

Personal life[edit | edit source]

Chakrabarty was married and had a son.[7] He died on 26 March 2021 from a heart attack at his house in Chembur in Mumbai, India. He was aged 68.[7][22]

References[edit | edit source]

  1. ↑ "Govt notifies Chakrabarty's appointment at RBI". Livemint. 8 June 2009. Retrieved 16 January 2013.
  2. ↑ "Business Line : Today's Paper News : Chakrabarty to be RBI Dy Governor". Business Line. Chennai. 3 June 2009. Retrieved 14 January 2013.
  3. ↑ Saha, Manojit (8 June 2012). "K C Chakrabarty may get 2-yr extension as RBI dy governor". Business Standard. Retrieved 14 January 2013.
  4. ↑ 4.0 4.1 4.2 Sangita Mehta (20 June 2012). "KC Chakrabarty: Regulator with a sense of humour – Economic Times". The Economic Times. Archived from the original on 7 January 2014. Retrieved 14 January 2013.
  5. ↑ "Reserve Bank of India – Press Release".
  6. ↑ "Former RBI deputy governor KC Chakrabarty passes away". The Indian Express. 26 March 2021. Retrieved 26 March 2021.
  7. ↑ 7.0 7.1 7.2 7.3 7.4 7.5 7.6 Roy, Anup (26 March 2021). "Former RBI Deputy Governor K C Chakrabarty passes away in Mumbai". Business Standard India. Retrieved 26 March 2021.
  8. ↑ "Former RBI Deputy Governor KC Chakrabarty passes away". cnbctv18.com. 26 March 2021. Retrieved 26 March 2021.
  9. ↑ "Reserve Bank of India". Rbi.org.in. 3 December 2004. Retrieved 14 January 2013.
  10. ↑ Crabtree, James (31 August 2012). "India's banks face balance sheet decline". Financial Times. London. Retrieved 14 January 2013.
  11. ↑ Kumar, Anand (24 December 2012). "Industrial houses to get banking licence". Dawn. Pakistan. Retrieved 14 January 2013.
  12. ↑ Our Bureau (17 October 2012). "Business Line : Industry & Economy / Banking : K.C. Chakrabarty to head the financial inclusion panel". Business Line. Chennai. Retrieved 14 January 2013.
  13. ↑ "Press Information Bureau English Releases". Pib.nic.in. Retrieved 14 January 2013.
  14. ↑ PTI (15 October 2012). "PSL norms for foreign banks: K C Chakrabarty dismisses criticism – Economic Times". The Economic Times. Archived from the original on 7 January 2014. Retrieved 14 January 2013.
  15. ↑ 15.0 15.1 15.2 15.3 "Former RBI Deputy Governor K.C. Chakrabarty passes away". The Hindu. PTI. 26 March 2021. ISSN 0971-751X. Retrieved 26 March 2021.
  16. ↑ "RBI's Chakrabarty discusses increasing financial inclusion". Central Banking. 27 April 2012. Retrieved 16 January 2013.
  17. ↑ "Analysis". Orfonline.org. 10 May 2012. Archived from the original on 27 April 2015. Retrieved 16 January 2013.
  18. ↑ "Apex bank to finalise report on sick units soon". Financialexpress.com. 7 February 2008. Retrieved 16 January 2013.
  19. ↑ "Press Information Bureau English Releases". Pib.nic.in. Retrieved 16 January 2013.
  20. ↑ "Dr. K.C. Chakrabarty" (PDF). Reserve Bank of India.
  21. ↑ "Business Line : Today's Paper / MONEY & BANKING : K.C. Chakrabarty appointed RBI Deputy Governor". Business Line. Chennai. 7 June 2009. Retrieved 16 January 2013.
  22. ↑ "Former RBI Deputy Governor K C Chakrabarty Passes Away". Moneycontrol. 26 March 2021. Retrieved 26 March 2021.
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