Under his leadership, RBI kept the domestic markets, to a large extent, alienated from the international meltdown to avoid liquidity or solvency cascades.
Terming auditors as the 'eyes and ears' of the central bank, Governor Duvvuri Subbarao on Friday said accounting professionals should provide early warning signals so that better supervision can be ensured in the banking system and also called for an inter-disciplinary approach to the job.
Remarks come at a time when he is under pressure from the govt to cut interest rates.
RBI Governor Duvvuri Subbarao on Tuesday defended the bank's decision to keep the key policy rate unchanged saying inflation could rise to above 8 per cent in the near-term.
Reserve Bank of India Governor Duvvuri Subbarao is not interested in carrying on in his present job after his term ends in September next year.
Duvvuri Subbarao on Monday joined as secretary, department of economic affairs, Ministry of Finance. He belongs to the 1972 batch of the Indian Administrative Service (Andhra Pradesh cadre).
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Subbarao also said credible fiscal consolidation is a pre-condition for stabilising inflation and in securing non-inflationary growth.
The Reserve Bank of India on Wednesday said it is vigilant to the possibility of overheating in the economy and will do everything to prevent such an occurrence.
"He (RBI governor Duvvuri Subbarao) has explained the position. I think the governor's statement is very balanced, very appropriate as far as I could understand," Reddy said.
Within days of assuming charge, he faced allegations of having made RBI the finance ministry's extension counter.
Monetary policy committee had recommended no change in the key rate.
It rose to 5.3 per cent of GDP in the second quarter.
Reserve Bank of India (RBI) Governor Duvvuri Subbarao on Wednesday said inflation was still above the central bank's tolerance level and it would revisit the gross domestic product (GDP) growth numbers in its quarterly policy in January.
Interview with the Governor of Reserve Bank of India.
The Reserve Bank of India (RBI) sees a need to cap the total public debt as a proportion of the gross domestic product, considering that excessive government borrowing could hamper the nation's long-term growth, its governor Duvvuri Subbarao said on Wednesday.
Former Reserve Bank of India Governor Duvvuri Subbarao has said the central bank could lose control over money supply and inflation management if cryptocurrency is allowed in the country. Speaking at a webinar organised by the National Stock Exchange (NSE) and New York University (NYU) Stern School of Business, Rao also said India's case for issuing a central bank digital currency (CBDC) may not be strong as there are capital controls. "Crypto is backed by algorithms and there is fear that the central bank might lose control over money supply and inflation management.
RBI's task was made more difficult by exchange rate volatility.
If numbers change, there will be scope for more rate cuts.
The bank is due to review the monetary policy on July 30.
Subsequent data revisions revealed that growth had not slowed that sharply.
Though there is no formal agenda for the meeting, it is generally conducted to get bankers' views on the macro economic scenario and credit and deposit growth. The apex bank also point out its concerns, if any, on specific issues.
President-elect Donald Trump's warning that BRICS countries will face 100 per cent tariffs if they choose to move away from the US dollar is unclear to what extent he will carry out his threat, as it remains to be seen if the US laws permit such an action, former RBI Governor Duvvuri Subbarao said on Monday. He also said even for BRICS, there are internal differences about bringing out an alternative to the US dollar.
RBI Governor Subbarao also said an increase in non-performing assets at lenders was a matter of concern, but added that banks were well capitalised, during a media briefing at the conclusion of the central bank's board meeting.
Though COVID-19 and the subsequent lockdown left a trail of economic devastation on most countries, India can potentially build upon three positive aspects - push in the rural economy, stronger federalism and a huge consumption base, former RBI Governor Duvvuri Subbarao Rao has said. In his foreword on a Telugu book titled "Maandhyam Mungita Desam" (Nation in Recession) authored by Tummala Kishore, he said the challenge for the government in the months and years ahead is clear: to put the economy back on a healthy growth trajectory and ensure that growth is inclusive, with lower income households too enjoying the benefits of rapid growth.
Former RBI governor admits to being a 'greenhorn' as he started his stint at the central bank.
Sanjay Malhotra takes charge as the 26th RBI governor at a time when headline retail inflation has shot up to 6.2%.
According to Subbarao, the pressure on the currency was inevitable.
US Federal Reserve Chairman Ben S Bernanke held talks with RBI Governor Duvvuri Subbarao in Mumbai.
Due to a spike in crude oil prices and the govt's high fiscal deficit
Duvvuri Subbarao the new Reserve Bank of India governor said on Tuesday that the central bank will review GDP growth forecast for this fiscal during its October review of monetary policy.
Identity of next central bank chief remains a matter of speculation.
It's affecting deposits, too.
Regardless of who is right, Rajan has to quickly come to grips with a number of obvious challenges, ranging from the immediate to the medium term.
Is unhappy about banks' reluctance to pass on lower interest rates.
The central bank, however, would prefer money supply in deficit mode.
The full text of RBI governor D Subbarao's last speech, where he blames the UPA government for the fiscal mess
Former RBI Governor Subbarao blamed Chidambaram for undermining the autonomy of RBI and putting pressure on him to cut interest rates.
Subbarao said in terms of the risk to growth inflation outlook, the first would depend on global recovery and if it fails, could have an impact for India.
Reserve bank of India governor Duvvuri Subbarao has said that India is not contemplating imposing Tobin Tax on capital inflows, but did not rule out introducing it later.
The RBI cut interest rates on Friday by a quarter point for the third time since January.
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