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July 15, 2016

Former RBI Governor D Subbarao's biography "Who Moved My Interest Rate ?" released

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A book written by the Former Reserve Bank of India (RBI) Governor D Subbarao, about his tenure at the central bank was released today. He is the predecessor of current RBI governor Raghuram Rajan and served at the Reserve Bank of India during the period 2008 to 2013. 

The book was titled "Who Moved My Interest Rates ?". Incidentally, he raised interest rate 13 times from 2009 to 2012 and cut it just once by 50 basis points April 2012. In this book he writes about his five years at the country’s central bank, between 2008 and 2013. 

This book assume significance because it came at a time when a controversy is raging over the new governor's appointment at the RBI. This book already became controversial, because he revealed his turbulent relationship with two Finance Ministers of that time (P. Chidambaram and Pranab Mukherjee) and the UPA government.  [Note : There is an entire chapter in the book — ‘Walking Alone’ — devoted to disagreements with the Finance Minister].

Important Details to know about Duvvuri Subbarao
  • He was born on 11th August 1949.
  • He is a 1972 batch Indian Administrative Service (IAS) officer of Andhra Pradesh cadre.
  • He was the 22nd Governor of RBI [from 5th September 2008 to 4th September 2013]
  • He was Preceded by : Y. Venugopal Reddy
  • He was Succeeded by : Raghuram Rajan
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