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London school fellowship for RBI Governor

LONDON: Reserve Bank of India Governor Yaga Venugopal Reddy on Thursday was awarded an honorary fellowship by The London School of Economics and Political Science (LSE) in recognition of his commitment to the underprivileged. His is one of five new honorary fellowships awarded by the LSE this year.

Dr. Reddy, who has been Reserve Bank Governor since 2003, is a visiting professor at several Indian universities and has served as executive director on the Board of the International Monetary Fund for India, Sri Lanka, Bangladesh and Bhutan.

He was also instrumental in setting up the IG Patel chair and India Observatory at the LSE in honour of the School’s former Director.

Lord Stern of Brentford, current holder of the IG Patel chair, praised Dr. Reddy for his commitment to helping the poor.

He said: “Dr. Y.V. Reddy is an outstanding individual who has distinguished himself through his knowledge, service and commitment not only to India but to the wider global community. We are honoured that he is accepting an honorary fellowship at the School. He is described as the governor who has the courage to implement policies which are fair and for the benefit of all people, motivated by strong principles of economic management and constantly recognising the needs of poor people. He has been recognised as a leader who is firm, flexible and fair and well respected by all his staff,” he said. Dr. Reddy joined the Indian Administrative Service in 1964 after graduating from Vivekananda College in Madras and obtained an M.A. in Economics at Madras University and Ph.D at Osmania University.

Dr. Reddy worked in the Finance Ministry, later becoming Secretary to the Government of India, and had a six-year spell as the Deputy Governor of the Reserve Bank of India. Dr. Reddy is Chairman of the BIS Asian Consultative Council and chairs SAARCFINANCE, a group of governors of the central banks of SAARC member-countries.

Dr. Reddy has said: “You can be an economic powerhouse but your task is to make sure that people inhabiting the country have a reasonable standard of living. You don’t have social insurance mechanisms, you don’t have risk mitigation mechanisms for a large number of people.”

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