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RBI chief Subbarao not offered job extension so far

MOSCOW, July 20, 2013, Reuters:
Reserve Bank of India (RBI) Governor Duvvuri Subbarao speaks during a business conference in Ahmedabad May 30, 2013. Reuters

Reserve Bank of India (RBI) Governor Duvvuri Subbarao said on Saturday he has not yet been offered to stay on in his job after his five-year term comes to an end in September.

"No offer has been made so far, so there is no question of accepting so far. It is a hypothetical question. As I said before, I must move on," Subbarao told Reuters on the sidelines of a meeting of the world's financial leaders in Moscow.

Subbarao was appointed as the central bank chief on September 5, 2008 for three years and was later given an extension for another two years.


Speculation that he would get another extension has increased recently, as some believe that the government would prefer to make no changes until elections in May.

India is going through difficult economic times, battling a weakening currency, a record high current account deficit, lowest growth in a decade and still elevated inflation.

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