Y Venugopal Reddy, currently executive director of International Monetary Fund will be the new Governor of Reserve Bank of India, succeeding Bimal Jalan.
The name of Reddy, a former Deputy Governor of RBI, has been cleared by the Appointments Committee of the Cabinet chaired by Prime Minister Atal Bihari Vajpayee, official sources said on Friday.
Finance ministry is expected to issue a notification shortly regarding appointment of Reddy, a retired IAS officer of the1964 batch. However, the date for Reddy to assume his new assignment is yet to be decided.
The sources said that Jalan had conveyed to the Government that he wanted to step down before his tenure expires.