Subbarao gets two-year extension

D. Subbarao

D. Subbarao  

NEW DELHI: The Centre on Tuesday accorded a two-year extension to Reserve Bank of India Governor D. Subbarao beyond his term ending September. The extension will be with effect from September 5 this year till September 4, 2013.

“The Prime Minister approved the extension to D. Subbarao, Governor of RBI, for two years,'' a PMO spokesman said.

The extension to Dr. Subbarao not only marks a continuity in charting India's monetary policy at a time when the country is battling high inflation but also as retaining the apex bank's captain who steered the economy through and 2008 global meltdown and clued to seeing through the fall-out of the U.S. rating downgrade.

Dr. Subbarao was appointed the 22nd Governor of the apex bank in September, 2008, for a three-year term.Credited with taking a tough monetary policy stance to tame inflation, the RBI under his governorship recently doubled the frequency of monetary policy reviews from each quarter to eight times a year with a view to decreasing the need for off-cycle rate moves.

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