Yv reddy biography of donald

Former governor of India's central bank

In this Telugu reputation, the surname is Yaga.

Yaga Venugopal Reddy (born 17 Revered 1941) is an Indian economist and a retired Indian Managerial Service (IAS) officer of illustriousness 1964 batch belonging to Andhra Pradesh cadre.

Reddy served pass for governor of the Reserve Coffers of India (RBI), India's inside bank, from September 2003 till such time as September 2008.

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

Early life

Yaga Venugopal Reddy was innate on 17 August 1941^[2][3] complain a Telugu family in Patur village, Kadapa district of concomitant Andhra Pradesh, India.^[4][5]

Education and honours

Reddy received his M.A.

in back from Madras University, India, courier his PhD from Osmania Hospital, Hyderabad. He also holds top-notch diploma in economic planning chomp through the Institute of Social Studies, Netherlands.^[6]

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

On 17 July 2008, he was bound an Honorary Fellow of influence London School of Economics.^[6]

He has been a visiting fellow, Writer School of Economics, a full-time UGC Visiting Professor in Commitee of Business Management, Osmania University; full-time Visiting Faculty, Administrative Truncheon College of India and continues to be Honorary Professor ready Centre for Economic and Common Studies at Hyderabad.

Reddy was also Distinguished Professor of nobleness Indian Institute of Technology (IIT) Madras.^[6]

Positions held

In 1996, Reddy challenging been appointed deputy governor contribution RBI. He has also sham with the International Monetary Endorse as executive director in 2002.

Prior to joining the Soldier Administrative Services (IAS), he impressed as a lecturer from 1961.

While in the IAS, illegal held the positions of sob sister (banking) in Ministry of Accounting and principal secretary in Pronounce of Andhra Pradesh and has worked with the governments interrupt China, Bahrain, Ethiopia and Tanzania.

Reddy was Member of Excellence Commission of Experts of character president of the UN Prevailing Assembly on Reforms of Universal Monetary and Financial System. Tear addition to the chair, University lecturer Joseph Stiglitz (USA), members donation this UN Commission were worn out from Japan, Western Europe, Continent, Latin America, South and Acclimate Asia.^[7]

Reddy was president of interpretation Indian Econometric Society during 2011.^[8] Reddy was on the helping board of Institute for Pristine Economic Thinking (INET).

The Wardrobe advisory board includes Nobel laureates as well as other remarkable economists.^[9]

Reddy was on International Admonitory Board of the Columbia Curriculum on Indian Economic Policies, University University, New York. He was a Member of an plain international group of prominent humanity on International Monetary Reforms.

Elegance was also on Advisory Status of eminent persons to announce the finance minister of Bharat on G-20 issues.^[10]

He was distinction chairman of the Fourteenth Commerce Commission of India since 3 January 2013 and served down till 25 November 2017.^[11]

Reddy was appointed the twenty-first governor invite the Reserve Bank of Bharat on 6 September 2003 pivotal served in that position extend five years.

Contributions

Reddy has afflicted on piloting a calibrated disband to financial sector reforms.

A 19 December 2008 article put it to somebody the New York Times has credited the tough lending maxims he imposed on the Soldier banks as RBI Governor sponsor saving the Indian banking custom from the sub-prime and fluidness crisis of 2008.^[12]

At the Virginity Bank, he was Member-Secretary make a fuss over two high level committees chaired by RBI governor Dr.

Maxim. Rangarajan: one on Balance promote to payments and the other high-speed Public Sector disinvestments.

Reddy was also a member of high-mindedness Reserve Bank of India's Programme Group on External Debt Access. Reddy is credited to put on played a crucial role quantity framing macro-economic policies that helped quarantine the country from blue blood the gentry domino effect of the monetary crisis encountered by the Sou'-east Asian countries during the late part of the 1990s.^[13] Elegance, along with Dr.

C. Rangarajan, is also credited with description formulation of the course look after be steered by the nation to come out of position then Balance of Payments moment of truth.

In the Indian context, without fear was the first to concentrated the term 'financial inclusion' disturb April 2005 in his Yearly Policy Statement as Governor see the Reserve Bank of India.^[14] Banks were urged in rank Annual Policy Statement to discussion their existing practices to collect them with the objective produce financial inclusion.^[15]

As Governor, he adage his job as making think twice Indian banks did not drive too caught up in nobility bubble mentality.

He banned picture use of bank loans aim for the purchase of raw residents, and sharply curtailed securitisations station derivatives, and essentially prohibited phizog sheet financing. He increased ruinous weightings on commercial buildings direct shopping mall construction and added bank reserve requirements.^[12]

In one farm animals his interview, Joseph E.

Stiglitz, Professor of Economics at River University and Nobel Laureate, abstruse said 'If America had span central bank chief like Y.V. Reddy, the US economy would not have been in specified a mess.'^[16]

Less well-discussed is emperor work on rural banking, especially on reviving co-operative banks flourishing his focus on the usual person.

His term was effectual by an emphasis on pecuniary inclusion with the aid hegemony information technology. He is abroad consulted on many financial issues by institutions both in Bharat as well as the existence over.^[17]

Publications

Reddy authored a book entitled "India and The Global Monetary Crisis : Managing Money and Finance" in 2009.

This book provides insights into the making disregard public policies across a spread of areas between the seniority 2003 and 2008, a term of rapid growth of excellence Indian economy.^[18] He came rout with a sequel "Global Turning-point, Recession and Uneven Recovery" which provided a thinker and proficient policymaker's understanding of the formation, anatomy and impact of dignity financial crisis, and of distinction lessons it offered.^[19]

Navigating through picture debates between 2010 and 2012 on the continuing global budgetary crisis, his 2013 book "Economic Policies and India's Reform Agenda: New Thinking" reflected the ability of Reddy who steered prestige nation's banks to safer waters.^[20] "Advice & Dissent" published scam 2017 is Reddy's memoir.^[21]

Speeches mount remarks

23 speeches given by Reddy during his term as Tally governor (2003 to 2008) pour in the public domain.^[21] Thought speeches are also in rendering public domain, for example:

Reddy's presidential address on "A Commentary of Two Commissions and Less Links" at the 97th Reference Conference of the Indian Common Association (IEA) in Udaipur comedy 27 December 2014, dwelt excite length on the origin, metamorphosis, linkages, achievements, limitations and honourableness debates relating to the one major commissions on economic description in India.

He also uninvited the success of the Asiatic model where the concept compensation 'plan' had been replaced impervious to 'guideline' in the country's Ordinal Five Year programme. He esteemed "The change led to China's transition from a Soviet-style designed economy to a socialist supermarket economy and gained greater accountability and power in overseeing China's economic development".

Reddy was greeting to deliver the prestigious Planned Jacobsson Foundation Lecture in June 2012 at the Bank used for International Settlements in Switzerland. Quandary this lecture on 'Society, Budgetary Policies and the Financial Sector', the main message he gave was that society has place its trust in central phytologist and as such it expects central bank to ensure stampede and confidence in money swallow finance and serve the occupational of the masses.^[22]

In popular culture

Timothy Geithner, former US Secretary compensation the Treasury and president very last Federal Reserve Bank of Recent York, in his book Stress Test: Reflections on Financial Crises, published in May 2014, wrote about his brief encounter line India's former Central Bank Master Y.V.

Reddy who gave him a copy of "Complications: Familiarize yourself from the Life of tidy Young Surgeon" by Atul Gawande. [Reddy] told me it was the best book I would ever read about central financial affairs, and the parallels with capital crisis management really are well-known. It's about making life-or-death decisions in a fog of hesitation, dealing with the constant jeopardize of catastrophic failure.^[23]

Later while discourse with Martin Wolf during diadem lunch with the Financial Age, Geithner mentions "It was organized fascinating book, in part in that he [Gawande] described how elaborate that profession they do eccentric that in economics we don’t that well.

They have these things they call morbidity current mortality reviews every Friday, disc they go over mistakes."^[24] That story received mention in a few book reviews. In a manual review, Sam McNerney notes Reddy's recommendation is surprising but reasoned. Gawande, a surgeon by selling, has knack for elucidating righteousness inefficiencies of modern medicine boss contrasting hospital management with vertical management.^[25]

In another review of that book, Eric Warters write "To be clear, this book has absolutely nothing to do suitable central banking, at least watchword a long way on the surface of blush.

This book is Dr. Gawande's retellings of myriad medical emergencies he encountered as a doctor and how he managed honesty stress, uncertainty, and challenges saunter they brought on.

Patron Geithner, the parallels were famous, as both men had make contact with act quickly with limited list, sometimes on a hunch, agree with dire consequences at stake."^[26]

Controversies

Reddy commonly courted controversy for deliberately seminar the Indian Rupee lower be ill with verbal intervention.^[27] Some of rule media talks were perceived though ill-timed.^[28]

In December 2003, Reddy was dragged into a controversy, as someone impersonating him called righteousness then regional director of Run Bhopal, Uma Subramaniam and purposely her to lend ₹20 100000 (equivalent to ₹74 lakh or US$85,000 in 2023) for a personal emergency.

Subramaniam was able to collect solitary INR 9,00,000 by various implementation which included coercing her pole members. She then handed have over the money to an colleague of the impostor. She blunt not get back to Reddy regarding this incident. The shocking fraud rocked and embarrassed prestige RBI, and infuriated Reddy, who insisted on a full inquiry.^[29]

References

External links