Duvvuri Subbarao

RBI may be looking at the bigger picture, and companies at their balance sheets, says former RBI governor D Subbarao on draft provisioning norms

Former Reserve Bank of India (RBI) Governor Duvvuri Subbarao has said civil services in India have to be reformed and reinvented as the "steel frame" introduced by Britishers to govern India has certainly rusted. Subbarao, who held various positions, including that of the Union finance secretary, wrote in his new book titled 'Just A Mercenary?: Notes from My Life and Career' about the gender gap in the IAS. "The steel frame has certainly rusted," he told PTI. UPSC conducts the civil services examination every year in three stages -- preliminary, mains and personality test (interview) -- to select officers of Indian Administrative Service (IAS), the Indian Foreign Service (IFS) and the Indian Police Service (IPS), among others. "I firmly believe that a country of our size and diversity still needs a generalist service like the IAS but the service needs to be reformed, and even reinvented, in many ways. "The solution is not to throw away the rusted frame but to bring it back to its

Duvvuri Subbarao says policymakers have limited to help the economy as India battles a second wave of Covid-19 cases.

Although the pandemic isn't the first crisis for the country's microfinance industry, it could be its biggest

According to Subbarao, the country is going to face its worst recession in the current financial year

The former RBI governor also says that the Centre's current fiscal stimulus is not sufficient

"Last year's growth was five per cent. Just imagine, five per cent growth last year and we are going to negative or zero growth this year, a decline of five per cent growth," he said

Given the need to ensure economic growth and financial stability

Interview with Former governor, RBI

Duvvuri Subbarao has written an introspective and candid memoir of his testing tenure at the central bank