YV Reddy talks about his life in government and as RBI governor - Lifestyle NewsFormer RBI governor Y. Almost nine years after Y. He is not the first RBI governor to write his memoir. However, there are differences between the two—both in the narrative as well as the structure. Even before Subbarao, at least three RBI governors have written their memoirs. Globally, many central bankers have written autobiographies.
Advice and Dissent: My Life in Public Service
I remember the Indian economy had to see the day in the early nineties when a country like India had to deposit its gold in the World Bank. In the regime of Rajiv Gandhi, the country's safe was empty and then. Chandrasekhar became the new Prime Minister The Tijori was empty. They got nervous and didn't know What to do? New business is not a business Unemployment and frustration was there all around at the time of license permit set by the Congress
In a session on the agenda for financial reform in the aftermath of the Global Financial Crisis GFC Charles Dallara, then Managing Director of the Institute of International Finance, an industry body with a membership of large international banks, expressed support for greater cross-border financial integration through implementation of improvements of the framework of international regulation on as uniform a basis as possible. Such a programme, he said, would facilitate increased cross-border finance in the form of both increased commercial presence for foreign banks and increased international transactions between parties in different countries. In his speech YVR took a firmly different line. In his view future thinking on global financial reform should entail questioning assumptions still widely accepted, despite the experience of the GFC, that the benefits of financial deregulation and liberalisation outweighed the risks. There should be acknowledgement that beyond these minimum standards regulatory responsibilities were a matter for national authorities as those best fitted for handling connections between financial regulation and macroeconomic conditions and more generally for the task of developing national regulatory systems. Many of these views have also been set out in earlier books published since his retirement .
Jump to navigation. At a time when the autonomy of the Reserve Bank of India RBI is a raging debate, especially post-demonetisation, here comes a book by former RBI governor YV Reddy, Advice and Dissent, recounting a fascinating anecdote wherein, when asked about the institution's autonomy, he told a journalist: "The RBI has full autonomy. I have the permission of my finance minister to tell you that. Remind Reddy about this incident and he says that the autonomy issue has been unnecessarily raised now and that it had been settled back. Advice and Dissent is an insider's saga on how the government and the RBI work. But throughout, to his credit, the author has resisted the temptation of sensationalising things.
A former governor of RBI pens his memoirs and is candid about the many roles he had to play
He writes: In Congress Shasan we had to pledge 47 tons of gold for just Rs 40 crore. This was the situation of the Indian economy. We had to see the day in early 90s when a country like India had to deposit its gold in World Bank. Then his assassination by LTTE terrorists. Chandrasekhar became the new PM. The Tijori was empty. They got nervous and didn't know what to do.