Duvvuri Subbarao (born on 11 August 1949), is an Indian Economist, Central Banker and Civil Servant. He was the 22nd Governor of Reserve Bank of India, served under Prime Minister Dr.Manmohan Singh. He currently lives in Singapore and is a distinguished visiting faculty at National University of Singapore.

Dr. D. Subbarao is a 1972 batch Indian Administrative Service (IAS) officer of Andhra Pradesh cadre. He was appointed the 22nd Governor of Reserve Bank of India (RBI) from 5 September 2008, with an extension in 2011 till 4 September 2013.

Subbarao’s hometown is Eluru in West Godavari district, Andhra Pradesh. He did his schooling from the Sainik School in Korukonda, Andhra Pradesh. He graduated in Physics B.Sc Hons. from Indian Institute of Technology Kharagpur (class of 1969).

He received a M.Sc degree also in Physics from Indian Institute of Technology Kanpur. Subbarao topped the Civil Services Examination in 1972 and was assigned the Andhra Pradesh cadre.

In 1978, he did a master’s degree in economics from Ohio State University,United States. After a few years, Subbarao joined the Humphrey Fellowship program at Massachusetts Institute of Technology to study Quantitative Economic Modelling. He became a Humphrey Fellow at MIT in 1982. He later received a Ph.D. in Economics from Andhra University. His doctoral thesis was titled “Fiscal reforms at the sub-national level” (1998).

Dr. Subbarao worked as the joint secretary in the Department of Economic Affairs, Ministry of Finance, Government of India between 1988 and 1993. Subsequently he became the Finance Secretary to the Government of Andhra Pradesh between 1993 and 1998. On completion of his term, he was deputed as lead economist in the World Bank from 1994 to 2004. On completion of his term, he was appointed to the Prime Ministers’ Economic Advisory Council from 2005 to 2007 before he was elevated as the Finance Secretary in 2007. On 5 September 2008, he was appointed the twenty-second Governor of Reserve Bank of India (RBI) and Arun Ramanathan was appointed as Finance Secretary on 21 September 2008 in his vacancy. His term was extended for two more years in 2011.

Dr. Subbarao was involved in the initiation of fiscal reforms at the state level and had managed a flagship study on decentralisation across major countries of East Asia including China, Indonesia, Vietnam, Philippines and Cambodia.He is credited with financial turnaround of Andhra Pradesh in late nineties when the state had slipped into an unprecedented fiscal crisis.

He is married to Urmila Subbarao. They have two sons, Mallik and Raghav, who are both IIT graduates like their father.

During his tenure as Governor of RBI, Dr Subbarao took initiatives for demystification of the Central Bank, including lucid presentation of terse macro economic concepts in the RBI publications and grassroots level interaction with the masses through various financial inclusion, financial literacy and village outreach programmes.