Former Reserve Bank of India deputy governor KC Chakrabarty passed away on Friday morning following a heart attack.

Aged 68, he died at his home in suburban Chembur in Mumbai.

Chakrabarty was the deputy governor of the central bank from 15 June 2009 to 25 April 2014. He resigned three months before his tenure ended.

Chakrabarty also served as the chairman and managing director of Punjab National Bank (2007-2009) and CMD of Indian Bank (2005-2007).

An outspoken person, Chakrabarty often differed from the official stance of the central bank. Spending his days in the RBI during the governorship of D Subbarao and Raghuram Rajan, he handled several departments including banking regulation and supervision. He was highly critical of the unethical practices and poor risk management systems in Indian banks.

A PhD holder, Chakrabarty began his work life as a teacher and researcher. After a five-year stint, he started his banking career and joined Bank of Baroda where he worked for 26 years. He was head of the bank’s UK operations between 2001 and 2004 before deciding to move out.

He blamed the rise in bad loans as ''system-generated NPAs'' and insisted on financial inclusion targets. He had a public spat with former SBI chairman Pratip Chaudhuri over interest on cash reserve ratio (CRR).

In 2018, the Central Bureau of Investigation (CBI) named him as a suspect in two cases, including the one related to the Vijay Mallya-owned Kingfisher Airlines. A lookout circular was issued against him and he was prevented from flying out to London.