RBI governor gets term extension

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RBI governor gets term extension
Dr. D. Subbarao the present governor of RBI gets his tenure extended. Prime Minister Manmohan Singh has approved his extension of services as the governor of the Central Bank of India. The period of extension given to him is of two years. This approval will come into effect from September 5, 2011 therefore D. Subbarao will remain the governor of RBI till September 4, 2013.

D. Subbarao became the governor in September, 2008 and is the 22nd governor of the apex bank of India. He was initially appointed to serve a term period of three years. D. Subbarao has earlier served under Manmohan Singh in the Finance Ministry as a senior official in the early 1990s, when Manmohan Singh was the finance minister.

Moreover it is considered a good decision, as he has shown his potential by taking tough monetary measures to curb inflation and is really taking steps to protect the country against economic crisis. Further, he is expected to be of importance in the present situation of global uncertainty and in facing challenges due to downgrade of the US sovereign rating and the economic crisis in eurozone.

Read more about: rbi, economy, capital market
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