Dr.Subba Rao, the present Finance Secretary to the Government of India has been appointed as 22nd Governor of the Reserve Bank of India. He would succeed the present incumbent, Dr.Reddy who would step down on September 5th on completion of his term. His term would be for a period of three years, but, he would be entitled for re-appointment. The normal term of the Governor is 5 years.
Dr.Subba Rao belongs to the 1972 batch of the Indian Administrative Service. He topped the Examination and was assigned to Andhra Pradesh Cadre. He is an alumni of I.I.T. Kharagpur. He brings in rich experience and expertise to the finance profession. He has not only acquired high level academic qualifications in the field of finance and Ecojnomics but also had worked with International institutions as World Bank.
But his appointment is not without the usual controversy that go with such appointments. For one thing, the present incumbent wanted a three year extension which was rejected and for another thing, the Government could not break that easily the stranglehold of bureaucracy in the appointment, which is clearly evident from the fact that Mr.Rakesh Mohan, a hot contender to the post did not finally succeed.