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New RBI Governor

By Harish Khare

New Delhi, July 17. The Appointments Committee of the Union Cabinet has approved the choice of Y. Venugopal Reddy for the next Governor of the Reserve Bank of India. A formal notification is likely to be issued in a day or two by the Finance Ministry. But no date has yet been decided upon for Dr. Reddy to assume charge.

Mr. Reddy will succeed Bimal Jalan, who has communicated to the Government his desire to step down before his term is over. Mr. Jalan is expected to be nominated to the Rajya Sabha.

Currently India's Executive Director to the IMF, Dr. Reddy is widely respected as "a man of tremendous integrity."

A retired IAS officer of the 1964 batch, he is known to be a "reformer''. According to observers, his "mettle" will be tested in this election year.

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