RBI believes in continuity, says new Governor Y. V. Reddy

MUMBAI SEPT. 6. Yaga Venugopal Reddy today took over as the Governor of the Reserve Bank of India (RBI). As Governor, Dr. Reddy will have a five-year term. He will be the twenty-first Governor of the Reserve Bank.

Prior to this appointment, Dr. Reddy was India's Executive Director on the Board of the International Monetary Fund (IMF).

While taking over as RBI Governor, referring to the monetary policy, Dr Reddy said the Reserve Bank believed in continuity. Even reform is a continuous process, he said while replaying to a query. "Continuity and change will be mixed appropriately depending on the context,'' Dr. Reddy said.

An officer of the Indian Administrative Service 1964 batch, Dr. Reddy has spent most of his career working in the areas of finance and planning both, at State and Central level. He has held the positions of Secretary (Banking) in the Ministry of Finance, Additional Secretary, Ministry of Commerce, Joint Secretary in Ministry of Finance in Central Government and Principal Secretary in Government of Andhra Pradesh.

He was also Adviser in World Bank and is on the IMF's panel of consultants in Fiscal Affairs. His experience in development process includes advising China, Bahrain, Ethiopia and Tanzania.

Dr. Reddy has also served a six-year tenure as Deputy Governor of RBI from September 14, 1996 and looked after the monetary policy, exchange rate policy, internal and external debt management, foreign exchange reserves management and economic research.

In the Government, Dr. Reddy has had vast experience and has made contributions to the areas of financial sector reforms, trade finance, monitoring of balance of payments and exchange rate, external commercial borrowings, centre-state financial relations, regional planning and public enterprise reform.

Dr. Reddy has been closely associated with significant policy changes and institution building. He was Member-Secretary of two high level committees - one on Balance of Payments and the other on Public Sector Disinvestments.

Dr. C. Rangarajan, former Governor of RBI headed both the committees. Dr. Reddy was also a member of the RBI's Policy Group on External Debt Statistics.

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