Financial Daily from THE HINDU group of publications
Saturday, Jul 19, 2003
Financial Daily from THE HINDU group of publications Saturday, Jul 19, 2003 |
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People Money & Banking - RBI & Other Central Banks Y.V. Reddy appointed RBI Governor for five-year term Our Bureau
New Delhi , July 18 DR Y. Venugopal Reddy has been appointed the new Governor of the Reserve Bank of India for a five-year term. Dr Reddy, who is currently India's Executive Director to the International Monetary Fund (IMF), will assume office from the day the present Governor, Dr Bimal Jalan, demits office, an official release has said. A career bureaucrat from the 1964 batch of the Indian Administrative Service (IAS), Dr Reddy has already had a six-year stint earlier at the RBI as Deputy Governor, looking after monetary policy and internal debt management sections before moving over to the IMF in August 2002. Prior to this, Dr Reddy also had a stint at the Ministry of Finance as the Secretary, Banking. Known to be a sound economist, Dr Reddy is credited to have played a crucial role in framing macro-economic policies that helped quarantine the country from the domino effect of the financial crisis encountered by the South-East Asian countries during the later part of the 1990s. Incidentally, in 1991, Dr Reddy was the Member-Secretary of the Dr C. Rangarajan-headed High-level Committee on Balance of Payments that formulated the course to be steered by the country to come out of the then BoP crisis that was looming. Later, Dr Reddy also worked as Deputy Governor under Dr Rangarajan when he was the RBI Governor. Dr Reddy's candidature got the political nod over the claims of two other hot contenders for the Governor's post - Dr Vijay Kelkar, currently Advisor to the Finance Minister, Mr Jaswant Singh, who was earlier Executive Director, IMF, prior to Dr Reddy, and Dr S. Narayan, a top bureaucrat at the Prime Minister's Office and also the former Finance Secretary. While Dr Reddy is to move to Mumbai, Dr Jalan, who has had a marathon six-year stint at the helm of the central bank, is expected to be nominated to the Rajya Sabha within a couple of months. Though Dr Jalan's current term was to come to an end in October 2004, it is understood that he had himself expressed a desire to move out of the Governor's office and make way for a new face. Dr Jalan had taken over as RBI Governor in November 1997.
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