To steer a nation's finances to position where it could earn the respect of other countries is not a mean achievement. Y.V. Reddy, Governor of Reserve Bank of India has achieved precisely the same - making Indian economy stable, secure and certain from the vagaries of financial forces and routine upheaval of the international market.

A man known for his vision and understanding of Indian fundamental fiscal system, Reddy has never run after success, rather success has chased him all through his remarkable career which spans decades. Reddy has been at the helm of the RBI for the last four years and during his tenure, the economy has been showing signs of recovery and prosperity with the GDP growth rate hovering around 8 per cent this year. A shrewd banking strategist, Reddy has also been India's Executive Director in the International Monetary Fund before taking charge as the RBI Governor.

It was due to the vast experience and maturity of this IAS officer that the Government straightaway appointed him for a period of five years breaking away the normal tenure of four years. In fact, Reddy is possibly the first RBI Governor to have been given a five-year stint right at the beginning.

As an ardent advocate of economic reforms, Reddy prior to his appointment in IMF in 2002 was RBI Deputy Governor since 1996. He had looked after the department of economic analysis and policy, department of external investments and operations, and department of expenditure and budgetary control among other things. This versatile man has been closely associated with policy changes and also has been an advisor to the World Bank.

After six-year tenure as Deputy Governor of RBI, Reddy left the bank in July 2003 to join the IMF as Executive Director. One of his major contributions has been that he has successfully steered the economy to greater heights of stability and has been able to insulate it from any possible external shocks especially the international crude oil price, which hovered around $ 75 per barrel.

Despite his illustrious career, Reddy has not been free from controversy. He was in the eye of a storm recently with his suggestion that the inflows of the FIIs should be restricted. Had the Finance Minister not denied it immediately, it could have led to another stock market crash. Earlier in 1997, as Deputy Governor of RBI, he had caused panic in the foreign exchange market by similar comments on the rupee being overvalued. The currency market went through a fairly rough ride for several days in response to his remarks.

But despite all these controversies, Reddy has still been at the helm of affairs which speaks volumes of his competence and his indispensability. He is valued more for his expertise and skills than the controversies, for he is known to speak his mind, straight and simple. In recognition for these very traits, Reddy was appointed Chairman of the BIS (Bank for International Settlements), Asian Consultative Council (ACC) in March 2007. He has been appointed for a term of two years and succeeds Zhou Xiaochuan, Governor of the People's Bank of China. The ACC comprises the Governors of the BIS member central banks in the Asia-Pacific region. The BIS member central banks represented in the ACC are those of Australia, China, Hong Kong, India, Indonesia, Japan, Korea, Malaysia, New Zealand, the Philippines, Singapore and Thailand.

Reddy is sure to ride the glory in the banking sector in years to come. And as long as he is steering the RBI, the prospects of Indian economy getting healthier and stronger will always be bright.