Dr. Yaga Venugopal Reddy (Telugu : యాగ వేణుగోపాల్ రెడ్డి), better known as Y.V. Reddy, (born 17 August 1941 in Kadapa, Andhra Pradesh) is a former Governor of the Reserve Bank of India (RBI) (India's central bank). He took over from Bimal Jalan on 6 September 2003.. He was succeeded by Duvvuri Subbarao on 5 September 2008.
Y. Venugopal Reddy is an Indian Administrative Service (IAS) officer of the 1964 batch. Prior to joining the IAS, he worked as a lecturer from 1961. He holds a Ph.D. from Osmania University, Hyderabad, and was a visiting faculty at the Osmania University and the London School of Economics. He has held post of Banking Secretary. In 1996, he was appointed deputy governor of RBI. He has also worked with the International Monetary Fund, the highest position being Executive Director in 2002.
Dr. Reddy took his M.A. in economics from the Madras University
; Ph.D from the Osmania University
; and Diploma in Economic
Planning from the Institute of Social Studies
Dr. 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
An officer of the Indian Administrative Service
1964 batch, Dr. Reddy has spent most of his career working in the areas of finance and planning both, at State and Central level. He has held the positions of Secretary (Banking) in Ministry of Finance, Additional Secretary, Ministry of Commerce, Joint Secretary in Ministry of Finance in Government of India and Principal Secretary in Government of Andhra Pradesh
. He was also Adviser in World Bank
and is on the International Monetary Fund’s panel of consultants in Fiscal Affairs. His experience in development process includes advising China
Dr. Yaga Venugopal Reddy took over as the Governor of the Reserve Bank of India on 6 September 2003
from Bimal Jalan
. As Governor, Dr. Reddy will have a five-year term ending in September 2008. He is the twenty-first Governor of the Reserve Bank. Dr Reddy's candidature got the political nod over the claims of two other contenders for the Governor's post - Dr Vijay Kelkar, who was earlier Executive Director, International Monetary Fund
, prior to Dr. Reddy, and Dr S. Narayan, a top bureaucrat at the Prime Minister's Office and also the former Finance Secretary. Prior to his appointment as the Governor, Reserve Bank of India, Dr. Reddy was India's Executive Director on the Board of the International Monetary Fund
On 17 July 2008 Reddy was made Honorary Fellow of the London School of Economics
Dr. Reddy is the Chairman of the Bank for International Settlements
, Asian Consultative Council (ACC) for a term of two years from March 2007. He is also currently the Chairperson of SAARCFINANCE, a Group of Governors of the central banks of SAARC
Prior to his appointment as the Governor of the Reserve Bank of India, Dr. Reddy has served a six-year tenure with the Reserve Bank of India as its Deputy Governor. Appointed on September 14, 1996 for a period of five years, his term as the Deputy Governor was extended for two more years from September 2001. As the Deputy Governor, he was the Reserve Bank of India nominee on the Board of State Bank of India, which, he quit on 2 May 1998. As Deputy Governor he was looking after monetary policy and internal debt management sections. On his appointment as India's Executive Director to the International Monetary Fund, from August 2002, however, he resigned as the Deputy Governor in July 2002. As Deputy Governor in the Reserve Bank, Dr. Reddy looked after the monetary policy, exchange rate policy, internal and external debt management, foreign exchange reserves management and economic research. He was succeeded as the Deputy Governor of Reserve Bank of India by Rakesh Mohan.
In the Government of India, Dr. Reddy has had vast experience in and has made contributions to the areas of financial sector reforms; trade finance; monitoring of balance of payments
and exchange rate
; external commercial borrowings; centre-state financial relations; regional planning
; and public enterprise reform. Dr. Reddy has been closely associated with significant policy changes and institution building. 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. Dr. Reddy was also a member of the Reserve Bank of India's Policy Group on External Debt Statistics. Dr 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.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.
Dr. Reddy maintains a strong commitment to academic pursuits and has several publications to his credit mainly in areas relating to finance, planning and public enterprises. In pursuance of his academic interest, he was, for brief spells, Visiting Fellow, International Relations Department, 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.