Subbarao doesn't want a third term at helm of RBI
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Reserve Bank Governor D Subbarao, who has been having tough times 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 a foreign new website whether he would like to serve another term after his current tenure expires in September 2013.
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.
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.