Finance Secretary Duvuri Subbarao appointed new Governor of Reserve Bank of India
Government has appointed Finance Secretary Duvuri Subbarao as the next RBI Governor. Subbarao will succeed Y V Reddy as the 22nd Governor of the central bank on September 5.
Dr. Duvuri Subbarao has been appointed for a period of three years, though the Act allows appointment for up to five years.
Subbarao, an alumni of IIT Kanpur topped the Civil Services Examination in 1972 and was assigned the Andhra Pradesh cadre.
He was elevated to Finance Secretary in May 2007 when he was Secretary, Department of Economic Affairs. Subbarao has also served as Secretary in Economic Advisory Council of the Prime Minister. Earlier, he was lead economist in World Bank and had worked on various issues in public finance in countries of Africa and East Asia.
Subsequent to joining the IAS, he did his MS in Economics from Ohio State University (1978) and was a Humphrey Fellow at MIT during 1982-83. He has a Ph. D in Economics.
Y V Reddy, who has taken various monetary measures to control spiralling prices, will be relinquishing office after completing five eventful years as head of the country's central bank. Main Challenge for Duvuri Subbarao would be containing the inflation which is ruling over 12 per cent.
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