D Subbarao to take over as RBI governor on 5 September

01 September 2008

Mumbai: Finance Secretary Duvvuri Subbarao will take over as the new governor of the Reserve Bank of India on 5 September when the current governor Y V Reddy's term expires.

Subbaro, 59, will hold office of the RBI governor for the next three years.

Reddy who became the RBI governor in July 2003, succeeding Bimal Jalan, expressed unwillingness for an extension of his term, forcing the government to look for a replacement.

''D Subbarao, who is currently the finance secretary, will take over on 5 September and his tenure will be for the next three years,'' finance minister P Chidambaram announced at a press conference in the evening.

While several names have been doing the rounds, Chidambaram had earlier turned down enquiries regarding the new RBI governor saying that the right information would be revealed at the right time.

An alumnus of IIT Kanpur and a 1972 batch officer of the Indian Administrative Service belonging to the Andhra cadre, Subbarao was secretary to Prime Minister's Economic Advisory Council.