Union Government accorded Two-year Extension to Reserve Bank of India Governor D. Subbarao

The Union government on 9 August 2011 accorded a two-year extension to Reserve Bank of India Governor D. Subbarao beyond his term ending September 2011. The extension will be with effect from 5 September 2011 till 4 September 2013.

Dr. Subbarao was appointed the 22nd Governor of the apex bank in September, 2008, for a three-year term.
The decision to extend Dr. Subbarao’s term was intended to ensure continuity in charting India's monetary policy at a time when the country is battling high inflation. Dr. Subbarao as head of the apex bank's captain had steered the economy through and 2008 global meltdown.

Subbarao, a career civil servant who was India's finance secretary before taking charge at RBI synchronised policy making in tune with the economic agenda of the government.