RBI Governor Subbarao gets two-year Term Extension

The Reserve Bank of India's Governor, Duvvuri Subbarao will serve two more years as the Prime Minister has approved a two-year extension from September 5. It is believed that the major decision has been taken following flux in global financial markets. The PMO confirmed about the extension of tenure of Subbarao through a statement on Tuesday.

Due to the downgrade of US economy by the S&P the reaction was heavy across the world stock markets. The current economic crisis or equity meltdown is a serious threat for the most of the global economies.

However, RBI on Monday assured of no adverse impact to the Indian economy following the economic crisis.