The Hindu : Front Page : Subbarao appointed RBI Governor

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Tuesday, Sep 02, 2008
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Front Page

Subbarao appointed RBI Governor

Special Correspondent

D. Subbarao

NEW DELHI: Setting month-long speculation at rest, the government on Monday appointed Finance Secretary Duvvuri Subbarao Governor of the Reserve Bank of India in place of Y.V. Reddy, who completes his term on September 5.

At a press conference here, Finance Minister P. Chidambaram said: “The order of appointment has been issued. He will assume office when Mr. Reddy demits office.”

Dr. Subbarao’s appointment will be for three years although the RBI Act provides for a five-year term. Mr. Chidambaram noted that Dr. Subbarao would be eligible for reappointment after the completion of his three-year term.

The new Governor will have to carry on with Dr. Reddy’s unfinished task of controlling inflation, which is ruling at 12.40 per cent.

Having taken a number of monetary measures aimed at holding the price spiral, Dr. Reddy’s tenure marks the completion of five eventful years as head of the country’s apex bank.

Dr. Subbarao is an alumnus of IIT Kanpur and topper of the IAS (1972 batch).

He will be the 22nd Governor of the RBI.

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