Who Moved My Interest Rate - Softcover

Subbarao, Duvvuri

Softcover

ISBN 10: 0143429078 ISBN 13: 9780143429074

Publisher: Penguin Books India, 2017

Synopsis

An insider s view of the Reserve Bank of India Duvvuri Subbarao s term as the governor of the Reserve Bank of India from 2008 to 2013 was an unusually turbulent period. The global financial crisis erupted; India was in the throes of a decade-high, stubborn inflation rate, followed by a sharp depreciation of the rupee. This was also a time when questions about the breadth of the RBI s mandate, autonomy and accountability became subjects of debate in financial circles and in the media at large. Who Moved My Interest Rate is an authoritative account of the dilemmas and quandaries he confronted while leading the Reserve Bank through these extraordinary economic and political challenges.

About this title

Review

Ex Governor had truely opened his heart in this book and rather than using this book to defend his actions, he has given a critical commentary of RBI and its actions during the period and also sensitizing people who have basic knowledge of monetary policy, financial policy about what goes in RBI on a daily basis. --By Kunal Varma on 25 August 2016

The Reserve Bank of India, till recently was considered a mighty institution, with its unbridled powers to print currency and also a store house of gold. The common man s only link with this Institution was the bank note duly signed by the Governor. Since inflation had steadily eroded the value of paper currency, so had the importance of the very Institution that is primarily meant to protect the value of the Rupee in the hands of the common man, or in economists parlance, to rein in inflation through prudent monetary policy. But then, monetary and fiscal policies are two sides of the currency of economic growth with price stability, and it is here that the autonomy of the Reserve bank comes in. Subbarao, a professional civil servant, when appointed as the Governor of the Reserve Bank of India, was considered a loyal insider , planted by New Delhi to play second fiddle to the Finance Ministry. Such rubber stamp appointees are not uncommon though, in a large Democracy where ultimate executive powers are with the political bosses. Subbarao was to turn this perception on its head and will perhaps go down in the Reserve Bank s history as the Governor who fearlessly stood by the Bank s autonomy, in larger public interest. A new era had begun for the Reserve Bank in 2008; just as it did for India s economic policy in 1991. In this highly readable and informative book, Subbarao demystifies the Reserve Bank of India to the common reader, outlining its various functions which include monetary policy, minting currency, foreign exchange management and regulation of commercial banks, to name a few. --By B.Sudhakar Shenoy on 6 August 2016

This book is enlightening, thought-provoking and honest account by a conscientious, innovative and straight-forward bureaucrat into the functioning of RBI. Its language is simple, lucid and captivating which holds the interest of even the laymen who are oblivious of the ABC of macroeconomics. --By Vipin on 7 September 2016

About the Author

Duvvuri Subbarao served as governor of the Reserve Bank of India for five years (2008-13). Prior to that, he was finance secretary to the Government of India (2007 08), and secretary to the prime minister s Economic Advisory Council (2005 07). Topping the civil services examination in 1972, he joined the Indian Administrative ServiceIn a career spanning thirty-five years, he was actively involved in implementing financial sector reforms at all levels. He is currently a Distinguished Visiting Fellow at the National University of Singapore.

Edition details

• Publisher: Penguin Books India
• Publication date: 2017
• Language: English
• ISBN 10: 0143429078
• ISBN 13: 9780143429074
• Binding: Paperback
• Number of pages: 358