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

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:
Comments (0)
This discussion is now closed. We welcome comments on our articles for a limited period after their publication.

  • Most Popular
  • Most Shared

Canada Shooting

REUTERS SHOWCASE

'Zero Hunger' Goal

'Zero Hunger' Goal

India sees Brazil as a "role model" in beating hunger.  Full Article 

Bilawal Bhutto Zardari

Bilawal Bhutto Zardari

Bilawal, scion of Pakistan's Bhutto dynasty, throws down gauntlet to PM.  Full Article 

Modi's Reforms

Modi's Reforms

Modi takes first bite at coal to end India's power mess  Full Article 

Champions League

Champions League

Ronaldo leads rout as Real outclass Liverpool.  Full Article 

Ebola Outbreak

Ebola Outbreak

Official WHO Ebola toll near 5,000 with true number nearer 15,000.  Full Article 

New Google Mail

New Google Mail

Google launches new email service dubbed "Inbox"  Full Article 

Fighting IS

Fighting IS

Iraqi Kurds approve sending fighters to aid Syrian town  Full Article 

What's Next?

What's Next?

Fears for tough penalties grow as India cleans up business.  Full Article 

Reuters India Mobile

Reuters India Mobile

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