Dr. Yaga Venugopal Reddy today
took over as the Governor of the Reserve Bank of India. As Governor, Dr. Reddy
will have a five-year term. He will be the twenty-first Governor of the Reserve
Bank. Prior to his appointment as the Governor, Reserve Bank of India, Dr. Reddy
was India's Executive Director on the Board of the International Monetary Fund.
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 Ministry of
Finance, Additional Secretary, Ministry of Commerce, Joint Secretary in Ministry
of Finance in Government of India and Principal Secretary in Government of Andhra
Pradesh. He was also Adviser in World Bank and is on the International Monetary
Fund’s panel of consultants in Fiscal Affairs. His experience in development process
includes advising China, Bahrain, Ethiopia and Tanzania.
to his appointment as the Governor of the Reserve Bank of India, Dr. Reddy has
served a six-year tenure with the Reserve Bank of India as its Deputy Governor.
Appointed on September 14, 1996 for a period of five years, his term as the Deputy
Governor was extended for two more years from September 2001. On his appointment
as India's Executive Director to the International Monetary Fund, from August
2002, however, he resigned as the Deputy Governor in July 2002. As Deputy Governor
in the Reserve Bank, Dr. Reddy 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 in 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, Reserve Bank of India
headed both the committees. Dr. Reddy was also a member of the Reserve Bank of
India's Policy Group on External Debt Statistics.
Reddy maintains a strong commitment to academic pursuits and has several publications
to his credit mainly in areas relating to finance, planning and public enterprises.
In pursuance of his academic interest, he was, for brief spells, Visiting Fellow,
International Relations Department, London School of Economics and Political Science,
London, a full-time UGC Visiting Professor in Department of Business Management,
Osmania University; full-time Visiting Faculty, Administrative Staff College of
India and continues to be the Honorary Senior Fellow at Centre for Economic and
Social Studies at Hyderabad.
Press Release : 2003-2004/327