After five years, career bureaucrat-turned-banker, D Subbarao has stepped down as RBI Governor. While there were many fans of Subbarao’s tight monetary policies, he also earned the ire of many critics. Subbarao’s term at RBI will be remembered for bailing the Indian economy out through some of the toughest global financial crisis since the Great Depression in the 1930s. Basing the economic and monetary policies on sound fundamentals, RBI strictly administered the banking system of the country to keep the Indian economy largely unscathed.
Subbarao has been replaced by Chief Economic Advisor, Raghuram Rajan. Read the DNA news report here.