D. Subba Rao to be next Reserve Bank Governor

September 1st, 2008 - 8:59 pm ICT by IANS  

New Delhi, Sep 1 (IANS) The government Monday appointed Finance Secretary D. Subba Rao as the next Governor of the Reserve Bank of India (RBI), replacing Y.V. Venugopal Reddy.Reddy, due to step down this week, became the RBI Governor in July 2003, succeeding Bimal Jalan.

“D. Subbarao, who is currently the finance secretary, will take over on September 5 and his tenure will be for the next three years,” Finance Minister P. Chidambaram announced Monday evening.

An alumnus of IIT Kanpur and a 1972 batch officer of the Indian Administrative Service, Subbarao was secretary to Prime Minister’s Economic Advisory council.

RBI Deputy Governor Rakesh Mohan was in the race for this post.

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