Chief economic advisor lauds Reddy's policy

Former RBI Governor Y V Reddy has received huge compliments from the country’s top economic advisor for going slow on opening up new complex financial products, as the caution has helped insulate the country from global crisis.

“I would say that I told the former (RBI) Governor that his caution with respect to the banking system has actually paid off for the country. Caution in the sense of regulatory opening,” Chief Economic Advisor Arvind Virmani said.