2. Ex-RBI Governor Y.V.Reddy had an action packed 5 years tenure at the Mint street as he hiked the interest rate despite stiff pressure from the North Block. His action of increasing interest rate led to reducing liquidity into the system and it did effect growth and also led to soaring inflation and unprecedented relation of rupee vs dollar and last but not least led to overflowing consumer credit in the economy. He has saved us from avoiding tricky situation as prevailing in US as is depicted in below photographs.
3. He is a man of word and stood by his actions and stated that he would compromise growth to control inflation. Moreover as a man of conscience he warned Govt to correct the anomaly in crude prices and let the real crude prices be reflected in it requires real guts to undertake the contrary action when Fed was cutting rates. As a net result he has saved us from following tricky situations as appended in photographs below:
4. Ex-RBI Governor Y.V.Reddy is 1964 batch officer of the Indian administrative service and can be remembered as a courageous RBI governor who did not please his political masters. His actions have made sure that Indians do not overstretch them and thus finally cause a default in consumer loans. So, at times harsh steps are also in the interest of the nation. People with myopic vision may criticize him for tightening liquidity but he has done his bit to make India a force to reckon with. Dear Ex-RBI Governor, you deserve my standing ovation for helping India not get affected by Subprime crisis to include Lehman Brothers and AIG etc.
5. Thanks Governor for saving us from a tricky US situation caused due to a number of tricky situations and a picture speaks louder than 1000 words.
