98.239.227.65: robot: Create/upgrade articles. If there is a mistake please report on my talk page.

2022-11-16T20:20:46Z

robot: Create/upgrade articles. If there is a mistake please report on my talk page.

>FreeToDisagree: Fixed an "unknown parameter" error.

2021-07-09T18:08:04Z

Fixed an "unknown parameter" error.

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{{Use Indian English|date=July 2013}}
{{Use dmy dates|date=July 2013}}
{{Infobox officeholder
|name = Duvvuri Subbarao
|image = Duvuri.jpg
|image_size = 225px
|caption =
|birth_name =
|birth_date = {{Birth date and age|1949|8|11|df=yes}}<ref>{{cite web|url=http://persmin.nic.in/ersheet/MultipleERS.asp?HiddenStr=01AP020700|title=Biodata of Duvvuri Subbarao|url-status=dead|archive-url=https://web.archive.org/web/20090210163818/http://persmin.nic.in/ersheet/MultipleERS.asp?HiddenStr=01AP020700|archive-date=10 February 2009|df=dmy-all}}</ref>
|birth_place = [[Kovvur, West Godavari district|Kovvuru]], [[Andhra Pradesh]], India
|death_date =
|death_place =
|resting_place =
|resting_place_coordinates =
|residence =
|nationality =
|known_for = Governor of [[Reserve Bank of India]]
|alma_mater = [[Indian Institute of Technology, Kharagpur|IIT Kharagpur]] {{small|(B.Sc)}}<br />[[Indian Institute of Technology, Kanpur|IIT Kanpur]] {{small|(M.Sc)}}<br>[[Ohio State University]] {{small|(MS)}}<br>[[Andhra University]] {{small|(Ph.D)}}
|profession = [[Civil service|Civil servant]], [[Economist]]
|home_town = [[Korukonda, Vizianagaram district|Korukonda]], [[Andhra Pradesh]]
|predecessor = [[Y. V. Reddy]]
|successor = [[Raghuram Rajan]]
|office1 = [[Finance Secretary of India]]
|term1 = 4 July 2007 - 5 September 2008
|successor1 = Arun Ramanathan
|predecessor1 =
|party =
|relations =
|signature =
|website =
|footnotes =
|term_start = 5 September 2008
|term_end = 4 September 2013
|order = 22nd [[Governor of Reserve Bank of India]]
}}
'''Duvvuri Subbarao''' (born 11 August 1949),<ref name="mopgoi">{{cite web|url=http://www.persmin.nic.in/CivilList/AsOnToday/AgeListCL.asp?Slab=8&Cadre=AP&AsOnDate=01/01/2008|title=Civil List|work=Ministry of Personnel, Public Grievances and Pensions|publisher=Government of India|access-date=2008-09-05|url-status=dead|archive-url=https://web.archive.org/web/20110718134338/http://www.persmin.nic.in/CivilList/AsOnToday/AgeListCL.asp?Slab=8&Cadre=AP&AsOnDate=01%2F01%2F2008|archive-date=18 July 2011|df=dmy-all}}</ref> is an Indian economist, Central Banker, and retired [[IAS officer]]. He was the 22nd Governor of [[Reserve Bank of India]], served under [[Prime Minister of India|Prime Minister]] Dr.[[Manmohan Singh]]. He lives in Singapore and is a distinguished visiting faculty at National University of Singapore.<ref>http://www.marketwired.com/press-release/former-india-central-bank-governor-dr-duvvuri-subbarao-appointed-distinguished-visiting-1903853.htm</ref>

Subbarao is a 1972 batch [[Indian Administrative Service]] (IAS) officer of Andhra Pradesh cadre. He was appointed the 22nd Governor of [[Reserve Bank of India]] (RBI) from 5 September 2008, with an extension in 2011 till 4 September 2013.<ref name="Indian Express">{{cite web|url=http://www.indianexpress.com/news/rbi-governor-subbarao-gets-2year-extension/829298|title=RBI Governor Subbarao gets 2-year extension|work =indianexpress.com|access-date=2012-01-10|date=9 August 2011}}</ref>

== Early life ==
Subbarao's hometown is [[Eluru]] in West Godavari district, [[Andhra Pradesh]]. He did his schooling from the [[Sainik School, Korukonda|Sainik School]] in [[Korukonda, Vizianagaram district|Korukonda]], [[Andhra Pradesh]]. He graduated in Physics [[Bachelor of Science|B.Sc]] Hons. from [[Indian Institute of Technology Kharagpur]] (class of 1969).

He received a [[M.Sc]] degree also in Physics from [[Indian Institute of Technology Kanpur]].<ref name=masterphysics>{{cite web|url=http://www.rbi.org.in/scripts/BS_PressReleaseDisplay.aspx?prid=19052|title=Dr. D. Subbarao takes over as RBI Governor}}</ref> Subbarao topped the [[Civil Services Examination]] in 1972 and was assigned the [[Andhra Pradesh]] cadre.<ref name="business_std" />

In 1978, he did a master's degree in economics from [[Ohio State University]], [[United States]]. After a few years, Subbarao joined the Humphrey Fellowship program at [[Massachusetts Institute of Technology]] to study Quantitative Economic Modelling. He became a [[Humphrey Fellowship#Fellowship|Humphrey Fellow]] at MIT in 1982.<ref name=humphrey>{{cite web|url=http://www.jhu.edu/design/humphrey/stories/15-Duvvuri_Subbarao.html|title=Humphrey Fellowship Program: Duvvuri Subbarao – India}}</ref> He later received a Ph.D. in Economics from [[Andhra University]].<ref name="businessworld">{{cite web|url=http://www.businessworld.in/index.php/Interviews/There-cant-be-painless-adjustments.html|title=There Can't Be Painless Adjustments|last=Mehra|first=Puja|date=2008-06-20|work=Businessworld|publisher=ABP Pvt. Ltd.|access-date=2008-09-05|url-status=dead|archive-url=https://web.archive.org/web/20080825131803/http://www.businessworld.in/index.php/Interviews/There-cant-be-painless-adjustments.html|archive-date=25 August 2008|df=dmy-all}}</ref> His doctoral thesis was titled "Fiscal reforms at the sub-national level" (1998)

== Career ==
Subbarao, a well known economist is equally well studied in Physics. He had taken physics during his Masters at Indian Institute of Technology as well as for his Civil Services examination. He was the first person to have reviewed Stephen Hawkings's "Brief history of time" in Illustrated weekly, under the title "from here to eternity".

Subbarao worked as the joint secretary in the Department of Economic Affairs, Ministry of Finance,<ref>{{cite news|url=http://in.reuters.com/article/india-rbi-subbarao-idINDEE8A60E820121107|title=PROFILE - RBI governor Duvvuri Subbarao|publisher=Businessweek|access-date=8 February 2013|date=7 November 2012}}</ref> Government of India between 1988 and 1993. Subsequently, he became the Finance Secretary to the Government of Andhra Pradesh between 1993 and 1998. On completion of his term, he was deputed as lead economist in the [[World Bank]] from 1999 to 2004. On completion of his term, he was appointed to the [[PMEAC|Prime Ministers’ Economic Advisory Council]] from 2005 to 2007 before he was elevated as the Finance Secretary in 2007. On 5 September 2008, he was appointed the twenty-second Governor of Reserve Bank of India (RBI)<ref name="business_std">{{cite news|url=http://www.business-standard.com/india/storypage.php?autono=46085&tp=on|title= Dr Duvvuri Subbarao takes charge as RBI governor|date=2008-09-01|work=[[Business Standard]]|access-date=2008-09-05}}</ref> and Arun Ramanathan was appointed as Finance Secretary on 21 September 2008 in his vacancy.<ref name="Arun Ramanathan appointed Finance Secretary">{{cite news|title=Arun Ramanathan appointed Finance Secretary|date=23 September 2008|access-date=10 January 2013|work =The Economic Times|url=http://articles.economictimes.indiatimes.com/2008-09-23/news/27727297_1_tamil-nadu-cadre-vinod-rai-finance-secretary}}</ref> His term was extended for two more years in 2011.<ref name="Indian Express" />

Subbarao was involved in the initiation of fiscal reforms at the state level and had managed a flagship study on decentralisation across major countries of East Asia including China, Indonesia, Vietnam, Philippines and Cambodia.He is credited with financial turnaround of Andhra Pradesh in late nineties when the state had slipped into an unprecedented fiscal crisis<ref name="business_std" />

== Achievements ==
During his tenure as Governor of RBI, Dr Subbarao took initiatives for demystification<ref>{{cite web|url=http://m.indianexpress.com/news/once-a-green-horn-d-subbarao-aims-to-demystify-rbi-in-2013/1055300/|title= Subbarao aims to demystify RBI}}</ref> of the Central Bank, including lucid presentation of terse macro economic concepts in the RBI publications and grassroots level interaction with the masses through various financial inclusion, financial literacy and village outreach programmes. He was instrumental in ensuring 100% meaningful financial inclusion in [[Ernakulam]] district of [[Kerala]].<ref>{{cite news|url=http://articles.timesofindia.indiatimes.com/2012-11-23/kochi/35318228_1_financial-inclusion-financial-literacy-bank-accounts|archive-url=https://archive.today/20130616031819/http://articles.timesofindia.indiatimes.com/2012-11-23/kochi/35318228_1_financial-inclusion-financial-literacy-bank-accounts|url-status=dead|archive-date=2013-06-16|work=[[The Times of India]]|title=Subbarao declares Ernakulam as India's First Financially Included District }}</ref> In February 2012, Subbarao expounded his world-famous theory on the New Trilemma of Central Bankers, which he named as the "Holy Trinity" of ''price stability'', ''financial stability'' and ''sovereign debt sustainability'' as against [[Mundell-Fleming model|Mundell's]] well known "[[Impossible Trinity]]" of ''fixed exchange rate'', ''free capital flows'' and ''independent monetary policy''.<ref>{{cite web|url=http://www.rbi.org.in/scripts/BS_SpeechesView.aspx?id=662|title=Subbarao on Holy Trinity : speech on February 1, 2012}}</ref><ref>{{cite web|url=http://www.bis.org/review/r120201d.pdf|title=Duvvuri Subbarao : Policy Challenges from the New Trilemma}}</ref> Subbarao's erudite exposition on ''holy trinity'' firmly established the Indian perspective<ref>{{cite web|url=http://www.linkedin.com/groups/Duvvuri-Subbarao-Price-stability-financial-1820760.S.92702644|title=Views on Subbarao's Trilemma}}</ref> in the scholastic debate on the global central banking trilemma.<ref>{{cite web|url=http://mostlyeconomics.wordpress.com/2012/02/03/from-impossible-trinity-to-holy-trinity/|title=From Impossible Trinity to Holy Trinity|date=3 February 2012}}</ref>

Dr Subbarao's taking charge as RBI Governor in 2008 was coincident<ref>{{cite web|url=http://www.arthapedia.in/index.php?|title= Duvvuri Subbarao - Article in Arthapedia}}</ref> with the outbreak of the [[Global financial crisis of 2008-2009|Global Financial Crisis]].<ref>{{cite web|url=http://rbidocs.rbi.org.in/rdocs/Speeches/PDFs/Speech%20-%20as%20sent-%20Modified%20_4_.pdf|title= Impact of Financial Crisis on India - Collateral Damage & Response}}</ref> Subbarao is generally credited as having safely stewarded Indian economy through the financial crisis.<ref>{{cite news|url=http://blogs.reuters.com/india/2012/10/31/subbarao-an-rbi-governor-who-can-hold-his-own/|archive-url=https://web.archive.org/web/20121102233532/http://blogs.reuters.com/india/2012/10/31/subbarao-an-rbi-governor-who-can-hold-his-own/|url-status=dead|archive-date=2012-11-02|title= Subbarao - A Governor who can hold his own (article in Reuters}}</ref> However, it was during Subbarao's tenure that the value of Indian Rupee tumbled spectacularly, with USD/INR exchange rate for the first time breaching the psychological barrier of 60,<ref>{{cite web|url=http://www.ft.com/intl/cms/s/0/797ae5b2-f913-11e2-a6ef-00144feabdc0.html#axzz2cLAumErN|title= Rupee tumbles on RBI's apologetic tone}}</ref> and even hitting a new low of 69.

== Controversies ==
Subbarao is known to have a mind of his own and frequently vetoes / overrides the opinion of his fellow members in the Technical Advisory Group on Monetary Policy.<ref>{{cite web|url=http://www.rbi.org.in/scripts/BS_PressReleaseDisplay.aspx?prid=28727|title=Minutes of TAC Meeting on April 25, 2013}}</ref> He is criticized as lacking ''democratic spirit'' by regularly going against majority opinion of fellow experts in the apex level committee.<ref>{{cite web|url=http://www.thehindubusinessline.com/industry-and-economy/banking/only-2-of-6-members-on-rbis-technical-committee-wanted-rate-cut/article3418943.ece|title=RBI Governor goes against Majority Decision|url-status=dead|archive-url=https://web.archive.org/web/20140203094721/http://www.thehindubusinessline.com/industry-and-economy/banking/only-2-of-6-members-on-rbis-technical-committee-wanted-rate-cut/article3418943.ece|archive-date=3 February 2014|df=dmy-all}}</ref>

During Subbarao's last days at the helm of RBI, the banking industry in India was rocked by the infamous Cobra Post expose of [[money laundering]] by leading Indian banks through violation of RBI's KYC guidelines, which pointed to the slackness and loopholes in the supervisory role of RBI.<ref>{{cite web|url=http://www.moneycontrol.com/news/economy/rbi-probes-cobrapost-report-reveals-violations-by-banks_870061.html|title=''RBI response to Cobra Post Exposé''}}</ref> Dr Subbarao was also drawn into controversy when a [[whistleblowing]] complaint written to him in October 2012 by the noted activist Devidas Tuljapurkar against fraudulent activities of [[Bank of Maharashtra]], was routinely and unthinkingly forwarded by the RBI Governor to the very [[Bank of Maharashtra|organisation]] against which the complaint had been made.<ref>{{cite news|url=http://www.thehindu.com/news/national/to-fix-whistleblower-bank-moves-from-verse-to-worse/article4807887.ece|title=Article in The Hindu : To fix whistle blower, bank goes from verse to worse | location=Chennai, India | first=Alok|last=Deshpande|date=13 June 2013}}</ref> This led to alleged and massive harassment of Tuljapurkar (an ex-Director of Bank of Maharashtra) by the bank management, undermining the abject failure of [[whistleblower|whistle-blowing]] policy in both [[Reserve Bank of India|RBI]] and [[Bank of Maharashtra|BoM]].<ref>{{cite web|url=http://pressclubofindia.co.in/to-fix-whistleblower-bank-moves-from-verse-to-worse/#|title=Press Club of India :- Victimisation of Tuljapurkar}}{{dead link|date=September 2017 |bot=InternetArchiveBot |fix-attempted=yes }}</ref>

== Personal life ==
He is married to Urmila Subbarao.<ref>{{cite web|url=http://persmin.nic.in/ersheet/MultipleERS.asp?HiddenStr=01AP024300|title=Biodata of Urmila Subbarao|url-status=dead|archive-url=https://web.archive.org/web/20090210163827/http://persmin.nic.in/ersheet/MultipleERS.asp?HiddenStr=01AP024300|archive-date=10 February 2009|df=dmy-all}}</ref><ref name="gentleman">{{cite news|url=http://economictimes.indiatimes.com/News/News_By_Industry/Banking_Finance_/Banking/Subbarao_An_officer__a_gentleman/articleshow/3438217.cms|title=Subbarao: An officer & a gentleman|date=2008-09-03|work=[[The Economic Times]]|publisher=[[Times Group]]|access-date=2008-09-05}}</ref> They have two sons, Mallik and Raghav, who are both IIT graduates like their father.

==Selected works==
Subbarao's book, "''Who Moved My Interest Rate?: Leading the Reserve Bank of India Through Five Turbulent Years"'', was published in July 2016.<ref>https://www.amazon.in/Who-Moved-Interest-Rate-Turbulent/dp/0670088927</ref><ref>http://www.business-standard.com/article/current-affairs/i-paid-the-price-for-asserting-rbi-s-autonomy-subbarao-116071500008_1.html</ref><ref>http://www.ft.com/cms/s/0/a497adbc-53eb-11e6-9664-e0bdc13c3bef.html</ref><ref>{{Cite web|url=http://www.livemint.com/Politics/8WUnYsNQMHPHBxaD5i6v9J/Governments-must-show-respect-for-RBI-autonomy-D-Subbarao.html|title = Governments must show respect for RBI autonomy: D. Subbarao|date = 26 July 2016}}</ref>

== References ==
{{Reflist|2}}
{{Governors of Reserve Bank of India}}
{{Authority control}}

{{DEFAULTSORT:Subbarao, Duvvuri}}
[[Category:1949 births]]
[[Category:Indian Administrative Service officers]]
[[Category:Living people]]
[[Category:Governors of the Reserve Bank of India]]
[[Category:Sainik School alumni]]
[[Category:Indian Institute of Technology Kanpur alumni]]
[[Category:Indian Institute of Technology Kharagpur alumni]]
[[Category:Andhra University alumni]]
[[Category:Ohio State University Graduate School alumni]]
[[Category:People from Eluru]]
[[Category:Businesspeople from Andhra Pradesh]]
[[Category:Scientists from Andhra Pradesh]]
[[Category:20th-century Indian economists]]
[[Category:21st-century Indian economists]]
[[Category:Reserve Bank of India]]

Duvvuri Subbarao - Revision history

98.239.227.65: robot: Create/upgrade articles. If there is a mistake please report on my talk page.

>FreeToDisagree: Fixed an "unknown parameter" error.