Y. Venugopal Reddy

Dr. Yaga Venugopal Reddy యాగ వేణుగోపాల్‌ రెడ్డి
21st Governor of Reserve Bank of India
In office September 6, 2003 – September 5, 2008
Preceded by	Bimal Jalan
Succeeded by	Duvvuri Subbarao
Personal details
Born	17 August 1941 (1941-08-17) (age 70) Kadapa, Andhra Pradesh, India
Nationality	Indian
Occupation	Bureaucrat

Dr. Yaga Venugopal Reddy (Telugu: యాగ వేణుగోపాల్‌ రెడ్డి), better known as Y.V. Reddy, (born 17 August 1941 in Kadapa, Andhra Pradesh) is an Indian Administrative Service (IAS) officer of the 1964 batch who served as Governor of the Reserve Bank of India (RBI) (India's central bank) from 6 September 2003 until 5 September 2008.

In 2010, he was awarded India's second highest civilian honour, the Padma Vibhushan.^[1]

Education and honors

Reddy received his M.A. in economics from Madras Universityramakrishna mission vivekananda college mylapore, India. He holds a Ph.D. from Osmania University, Hyderabad. He also holds a Diploma in Economic Planning from the Institute of Social Studies, Netherlands.

Reddy was awarded Doctor of Letters (Honoris Causa) by Sri Venkateswara University, India; and Doctor of Civil Law (Honoris Causa) by the University of Mauritius.

On 17 July 2008 Reddy was made an Honorary Fellow of the London School of Economics.

Positions held

Venugopal Reddy was appointed the twenty-first Governor of the Reserve Bank of India on 6 September 2003. Jaswant Singh was India's Finance Minister and took that decision, mentioning it in his autobiography.

In 1996, Reddy had been appointed deputy governor of RBI. He has also worked with the International Monetary Fund as Executive Director in 2002. Prior to joining the IAS, he worked as a lecturer from 1961.

Reddy was Chairman of the Bank for International Settlements, Asian Consultative Council (ACC) for a term of two years from March 2007. He was the Chairperson of SAARCFINANCE, a Group of Governors of the central banks of SAARC member countries. He has held the positions of Secretary (Banking) in Ministry of Finance and Principal Secretary in Government of Andhra Pradesh and has worked with the governments of China, Bahrain, Ethiopia and Tanzania. He has been a Visiting Fellow, London School of Economics and Political Science, 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.

Reddy was previously Deputy Governor of the RBI for 6 years and was succeeded by Dr. Rakesh Mohan.

Contributions

Reddy has worked on piloting a calibrated approach to financial sector reforms. A December 19, 2008 article in the New York Times has credited the tough lending standards he imposed on the Indian banks as RBI Governor for saving the entire Indian banking system from the sub-prime and liquidity crisis of 2008.^[2] At the Reserve Bank, 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. Reddy was also a member of the Reserve Bank of India's Policy Group on External Debt Statistics. Reddy is credited to have played a crucial role in framing macro-economic policies that helped quarantine the country from the domino effect of the financial crisis encountered by the South-East Asian countries during the later part of the 1990s.^[3] He, along with Dr. C. Rangarajan, is also credited with the formulation of the course to be steered by the country to come out of the then Balance of Payments crisis.

As Governor, he saw his job as making sure Indian banks did not get too caught up in the bubble mentality. He banned the use of bank loans for the purchase of raw land, and sharply curtailed securitizations and derivatives, and essentially prohibited off-balance sheet financing. He increased risk weightings on commercial buildings and shopping mall construction and increased bank reserve requirements.^[2] Less well-discussed is his work on rural banking, particularly on reviving co-operative banks and his focus on the common person. His term was marked by an emphasis on financial inclusion with the aid of information technology. He recently authored a book titled "India And The Global Financial Crisis : Managing Money and Finance" published by Orient Blackswan. He is widely consulted on many financial issues by institutions both in India as well as the world over. ^[4]

References

1. ^ "This Year's Padma Awards announced" (Press release). Ministry of Home Affairs. 25 January 2010. http://www.pib.nic.in/release/release.asp?relid=57307. Retrieved 25 January 2010. 
2. ^ ^{a b} "How India Avoided a Crisis - Joe Nocera". New York Times. 20 December 2008. http://www.nytimes.com/2008/12/20/business/20nocera.html. Retrieved 2008-12-20. 
3. ^ " Y.V. Reddy appointed RBI Governor for five-year term" The Hindu Business Line, 19 July 2003
4. ^ "Dont write off the US economy yet" The Hindu, 18 August, 2011

External links

• India's Financial Secret Weapon
• Reserve Bank of India

Preceded by Bimal Jalan

Governor of the Reserve Bank of India 2003 to 2008

Succeeded by Duvvuri Subbarao

Persondata
Name	Reddy, Y. Venugopal
Alternative names
Short description
Date of birth	17 August 1941
Place of birth	Kadapa, Andhra Pradesh, India
Date of death
Place of death