Dr. Yaga Venugopal Reddy, better known as Y. V. Reddy (born 17 August 1941) is an Indian Administrative Service (IAS) officer of the 1964 batch who served as Governor of the Reserve Bank of India (RBI) (India’s central bank) from 6 September 2003 until 5 September 2008.

Reddy received his M.A. in economics from Madras University, India. He holds a PhD from Osmania University, Hyderabad. He also holds a Diploma in Economic Planning from the Institute of Social Studies, Netherlands.

Reddy was Chairman of the Bank for International Settlements, Asian Consultative Council (ACC) for a term of two years from March 2007. He was the Chairperson of SAARCFINANCE, a Group of Governors of the central banks of SAARC member countries. He has held the positions of Secretary (Banking) in Ministry of Finance and Principal Secretary in Government of Andhra Pradesh and has worked with the governments of China, Bahrain, Ethiopia and Tanzania.

Reddy has worked on piloting a calibrated approach to financial sector reforms. A 19 December 2008 article in the New York Times has credited the tough lending standards he imposed on the Indian banks as RBI Governor for saving the entire Indian banking system from the sub-prime and liquidity crisis of 2008.[10] At the Reserve Bank, he was Member-Secretary of two high level committees: one on Balance of payments and the other on Public Sector disinvestments. Dr. C. Rangarajan, former Governor, Reserve Bank of India headed both the committees. Reddy was also a member of the Reserve Bank of India’s Policy Group on External Debt Statistics. Reddy is credited to have played a crucial role in framing macro-economic policies that helped quarantine the country from the domino effect of the financial crisis encountered by the South-East Asian countries during the later part of the 1990s.[11] He, along with Dr. C. Rangarajan, is also credited with the formulation of the course to be steered by the country to come out of the then Balance of Payments crisis.

In December 2003, Dr Reddy was dragged into controversy, when someone impersonating him called the then Regional Director of RBI Bhopal, Smt Uma Subramaniam and asked her to lend INR 2 Million for a personal emergency. Subramaniam was able to collect only INR 9 Hundred Thousand by various means, including by coercing her staff members. She then handed over the money to an accomplice of the impostor. She did not get back to Dr. Reddy regarding this incident. The sensational fraud rocked and embarrassed the RBI, and infuriated Dr Reddy, who insisted on a full inquiry.