Unlike 1991, the rupee's exchange rate is market determined "which is our great strength", he said.
India now has a USD 280 billion foreign exchange reserves and financial markets are resilient and robust, he added.
These are the reasons "we will not have a crisis of 1991 type," Subbarao said.
"It is highly improbable we will have a 1991 crisis but I'm not saying we have no problems. There is quite a lot of development in the macro-economic sector," he added.
"Today people ask me is 2012 a repeat of 1991, my answer is no... 2012 is not a repeat of 1991 because today we are in different sort of economy," Subbarao said delivering the K Obayya Memorial Lecture here.
After expanding by 8.4 per cent for two consecutive financial years, the GDP slumped to 6.5 per cent in 2011-12. The country is now also grappling with high inflation, slowing industrial growth, sliding rupee and declining exports. (MORE)