The government has started search for a new Reserve Bank governor as the incumbent, D Subbarao, who battled inflation through tight money policy during his tenure, is set to exit in five weeks.
“The Governor met me about 6 or 7 weeks ago... He (Subbarao) said that he would like to move on and he would not like to be considered for another extension.”“So I accepted that... That is where the conversation ended. We are now in a search cum selection mode of the new Governor,” the Finance Minister, P Chidambaram said at a press conference here.
Subbarao, an IAS officer and Finance Ministry veteran was appointed the 22nd Governor of the RBI in September, 2008, for a three-year term. In August 2011, the Prime Minister Manmohan Singh gave a two-year extension to him.
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