New Delhi: India may extend the term of central bank Governor Duvvuri Subbarao when it expires in September this year, Bloomberg UTV television channel reported, citing people it didn't identify. The 61-year-old former finance secretary was appointed to head the Reserve Bank of India on September 5, 2008, for a period of three years, according to the central bank's website. India's Ministry of Finance will announce the decision before Subbarao's tenure ends, Bloomberg UTV reported. Subbarao has raised interest rates ten times since the start of 2010 to tame price gains, reversing the monetary easing he presided over in 2008 and 2009 during the global financial crisis. Inflation in Asia's third-largest economy accelerated to 9.06 per cent in May, the fastest after Argentina and Russia among the Group of 20 nations. Other contenders for the top post at the Reserve Bank include Kaushik Basu, the chief economic adviser in the finance ministry, Raghuram Rajan, a professor at the University of Chicago and a former chief economist at the International Monetary Fund, and R. Gopalan, secretary of economic affairs in the finance ministry, Bloomberg UTV reported. The appointment will be made by Prime Minister Manmohan Singh in consultation with Finance Minister Pranab Mukherjee, said reports in the Indian press. Subbarao, who was an economic adviser to Singh before he became the top bureaucrat in the finance ministry, is a physics graduate from the Indian Institute of Technology.
Bloomberg
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