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Reddy takes over as RBI governor
Mumbai, Sept 06: India`s executive director in the IMF and a shrewd banking strategist, Yaga Venugopal Reddy today took over as the 21st governor of the Reserve Bank of India.
Mumbai, Sept 06: India`s executive director in the IMF and a shrewd banking strategist, Yaga Venugopal Reddy today took over as the 21st governor of the Reserve Bank of India.
Reddy takes over at a time when the economy is looking up, with strong fundamentals and comfortable balance of payment position coupled with burgeoning forex reserves at
over $ 85 billion.
He succeeds Bimal Jalan who with his astute macro-economic management has brought stability to the rupee besides moving the economy towards a soft interest rate regime.
Jalan, who has been nominated to Rajya Sabha, relinquishes the top central bank post after six years.
Reddy is possibly the first RBI governor to have been given a five year stint right at the beginning.
The new governor, who has served as banking secretary, is also an insider like C Rangarajan, having been elevated to the post of governor after serving as deputy governor in the Central Bank.
Both Rangarajan and Reddy had a stint outside the Central Bank before taking over the coveted post.
Immediately after assuming office, Reddy said there would be continuity in the management of macro-economy by the bank.
As an ardent advocate of economic reforms, Reddy said, "continuity and change will be mixed appropriately depending on the context."
Referring to the monetary policy, Reddy said, "RBI believes in continuity".
Bureau Report
He succeeds Bimal Jalan who with his astute macro-economic management has brought stability to the rupee besides moving the economy towards a soft interest rate regime.
Jalan, who has been nominated to Rajya Sabha, relinquishes the top central bank post after six years.
Reddy is possibly the first RBI governor to have been given a five year stint right at the beginning.
The new governor, who has served as banking secretary, is also an insider like C Rangarajan, having been elevated to the post of governor after serving as deputy governor in the Central Bank.
Both Rangarajan and Reddy had a stint outside the Central Bank before taking over the coveted post.
Immediately after assuming office, Reddy said there would be continuity in the management of macro-economy by the bank.
As an ardent advocate of economic reforms, Reddy said, "continuity and change will be mixed appropriately depending on the context."
Referring to the monetary policy, Reddy said, "RBI believes in continuity".
Bureau Report