Delhi defies expectations, names new governor

Delhi has named Duvvuri Subbarao, a finance secretary, the new governor of the country's central bank, confounding expectations of a second term for the incumbent Y.V. Reddy.

Reddy's five-year term ends on 5 September and analysts expected the governor to be reappointed amid the current economic uncertainty. But Palaniappan Chidambaram, India's finance minister, told reporters on Monday that the government had instead decided to hand a three-year term to Subbarao.

The new governor, who became

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