Subbarao doesn't want to be RBI governor again

Mumbai: Reserve Bank Governor D Subbarao, who has been having a tough time in dealing with spiralling inflation without hurting economic growth, does not want a third term at the helm of the central bank.

“No,” he said when asked by the Wall Street Journal Online edition whether he would like to serve another term after his current tenure expires in September 2013.

[caption id=“attachment_222127” align=“alignleft” width=“380” caption=“Reserve Bank Governor D Subbarao. AFP”]  [/caption]

The 62-year-old IAS officer was appointed the 22nd Governor of the Reserve Bank of India (RBI) in September, 2008 for a three-year term. In September last year, his term was extended for another two-years.

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Subbarao took the reins of the RBI from Y V Reddy at a time the global economic crisis was at its peak. He is credited with taking a tough monetary stance to check inflation.

Under his governorship, RBI started the practice of having monetary policy reviews eight times a year, instead of every quarter, to decrease the need for off-cycle rate moves.

In the early 1990s, Subbarao had served under the then Finance Minister Manmohan Singh in the Finance Ministry as a senior official.

Prior to taking over as RBI Governor, he was the Finance Secretary, Ministry of Finance.

PTI