Reddy's self-discipline would come in handy while tackling challenges

During his stint as Governor of the Reserve Bank of India (RBI), it was alleged he was too conservative. However, through tough lending standards, to a large extent, Yaga Venugopal Reddy had insulated the Indian banking system from the effects of the sub-prime crisis that led to the global financial meltdown in 2008. Now, as he sets about steering the 14th Finance Commission, he would have to suggest ways to the Centre and the states to augment their resources at a time when the Union government is seeing tough times on the financial front. Reddy is an early riser. Speaking to Business Standard two years earlier, he had said this had resulted from a rural upbringing. “When you live in a village, you wake up with the sun and go to bed once it sets,” he had said. It is this discipline that would keep the former bureaucrat (1964 batch of the Indian Administrative Service) in good stead in striking a balance between the conflicting needs of the Centre and the states............

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