The serving tenure of the present governor of Reserve Bank of India, Mr. D. Subbarao has been extended by 2 years and now will serve the post till 4th September 2013.
Statement from the Prime Minister’s Office said “The Prime Minister has approved the extension of the term of Dr Subbarao as Governor of the Reserve Bank of India for a further period of two years with effect from September 5, 2011 up to September 4, 2013.”
Considering the present global economic situation and the effect of the crisis in the United States of America this step has been taken; as assigning this high post of responsibility to an altogether new person might have consequences and so the government has shown confidence in present Governor.
Mr. Subbarao has been on this post since 2008, when he guided the country through the threat of global recession. It is under his guidance that the frequency of monetary policy reviews was doubled to eight times an year in order to reduce the need for off-cycle rate moves.
No comments:
Post a Comment