D Subbarao will be new governor of Reserve Bank of India, the Government announced on Monday. He replaces Y V Reddy who is due to step down this week, Finance Minister Palaniappan Chidambaram said. Subbarao, who is currently finance secretary, will take over on September 5 and his tenure will be three years.
An alumnus of IIT Kanpur and a 1972 batch officer of the Indian Administrative Service, Subbarao was secretary to Prime Minister's Economic Advisory council. RBI Deputy Governor Rakesh Mohan was in the race for this post.
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