RBI chief Subbarao gets 2-year extension

NEW DELHI Tue Aug 9, 2011 1:14pm IST

RBI governor Duvvuri Subbarao smiles during a news conference in Bhopal February 10, 2011. REUTERS/Raj Patidar/Files

RBI governor Duvvuri Subbarao smiles during a news conference in Bhopal February 10, 2011.

Credit: Reuters/Raj Patidar/Files

Related Topics

Rajalakshmi (C), 28, smiles after winning the Miss Wheelchair India beauty pageant in Mumbai November 26, 2014. REUTERS/Danish Siddiqui

Miss Wheelchair India

Seven women from across India participated in the country's second wheelchair beauty pageant, which aims to open doors for the wheelchair-bound in modelling, film and television, according to organisers  Slideshow 

NEW DELHI (Reuters) - RBI head Duvvuri Subbarao has been given a two-year extension, Harish Khare, Media Adviser to Prime Minister Manmohan Singh told Reuters on Tuesday.

The Reserve Bank of India (RBI) governor was appointed for a three-year term in September 2008 and was immediately tasked with the mandate of protecting Asia's third-largest economy from the aftermath of the global financial crisis.

"Yes, he has been given 2 years' extension.... We are putting this up on the website. A notification will also be issued soon," Khare told Reuters.

"The Prime Minister has approved a two-year extension for Subbarao from Sept. 5," a statement issued later by the Prime Minister's Office said.

Prior to taking the reins at the RBI, Subbarao was India's finance secretary, the senior-most bureaucrat in the finance ministry.

For much of his term, the soft-spoken Subbarao has had to battle high inflation in India, triggered by factors which were not always under his control, and has often been criticised for being 'behind the curve'.

The RBI has raised rates eleven times since March 2010 to battle high inflation which quickened to 9.44 percent in June.

(Writing by Abhijit Neogy; editing by Malini Menon

FILED UNDER:

Reuters Showcase

Kashmir Attack

Kashmir Attack

Ten dead in Kashmir's worst militant attack in more than a year.  Full Article 

Cricketing Tragedy

Cricketing Tragedy

A sport left heartbroken by death of Hughes  Full Article 

Reuters Poll

Reuters Poll

GDP growth to slow to 5.1 pct, but no rate cut yet - Reuters Poll.  Full Article 

Online Boom

Online Boom

Online grocers come up trumps in India's e-commerce boom.  Full Article 

Racial Unrest

Racial Unrest

Protests in Ferguson, elsewhere dwindle after two nights of unrest.  Full Article 

Suicide Blast

Suicide Blast

Suicide bomber kills five in attack on British embassy car in Kabul - officials.  Full Article 

A Minute With: Nandita Das

A Minute With: Nandita Das

A telephone interview with actress Nandita Das.  Full Article 

Jamini Roy

Jamini Roy

Photo Gallery – Bengali household name Jamini Roy’s paintings  Full Article 

Miss Wheelchair India

Miss Wheelchair India

India's second wheelchair beauty pageant.  Full Coverage 

Reuters India Mobile

Reuters India Mobile

Get the latest news on the go. Visit Reuters India on your mobile device.  Full Coverage