Subra­ma­nian Suc­ceeds Subra­ma­nian as CEA

ISB fac­ulty Kr­ish­na­murthy Subra­ma­nian ob­tained PhD un­der Rajan, co-au­thored papers with Vi­ral Acharya

The Economic Times - - Front Page - Our Bureau

New Delhi: The gov­ern­ment on Fri­day ap­pointed Kr­ish­na­murthy Subra­ma­nian, an as­so­ciate pro­fes­sor of fi­nance at the In­dian School of Busi­ness, the chief eco­nomic ad­viser for a three-year ten­ure.

Subra­ma­nian, who ob­tained his PhD un­der Raghu­ram Rajan and wrote in sup­port of de­mon­eti­sa­tion, fills the post that fell va­cant af­ter Arvind Subra­ma­nian left in Au­gust, re­sign­ing be­fore his ex­tended ten­ure was to end in May 2019.

ET re­ported last month that Subra­ma­nian was among the likely can­di­dates for the post of CEA.

Subra­ma­nian re­ceived a BTech de­gree in elec­tri­cal en­gi­neer­ing from the In­dian In­sti­tute of Tech­nol­ogy-Kan­pur and an MBA in fi­nance from the In­dian In­sti­tute of Man­age­ment-Cal­cutta.

Be­fore em­bark­ing on an aca­demic ca­reer, Subra­ma­nian worked as a con­sul­tant with JPMor­gan Chase in New York. He also served in man­age­rial ca­pac­ity at Tata Con­sul­tancy Ser­vices and ICICI Ltd. He was a mem­ber of the Uday Ko­tak Com­mit­tee on Cor­po­rate Gover­nance, set up by mar­kets reg­u­la­tor Se­cu­ri­ties and Ex­change Board of In­dia (Sebi).

He also serves as a mem­ber on Sebi’s Stand­ing Com­mit­tees on Al­ter­na­tive In­vest­ment Pol­icy, Pri­mary Mar­kets, Sec­ondary Mar­kets and Re­search.

In a news­pa­per col­umn, Subra­ma­nian had ques­tioned claims that the note ban of Novem­ber 2016 had caused huge hard­ship to the poor.

“Our es­ti­mates sug­gest that the poor are likely to have vis­ited a bank branch at most once to ex­change their earn­ings in the old cur­rency notes to new cur­rency notes. Thus, we in­fer that the politi­cians ad­vo­cat­ing the dif­fi­cul­ties faced by the poor are be­ing disin­gen­u­ous in push­ing their claims for po­lit­i­cal gains,” he had writ­ten.


Subra­ma­nian ob­tained his PhD in fi­nan­cial eco­nomics at the Uni­ver­sity of Chicago Booth School of Busi­ness un­der pro­fes­sors Luigi Zin­gales and Raghu­ram Rajan. Rajan was CEA be­fore Arvind Subra­ma­nian and sub­se­quently be­came the gov­er­nor of the Re­serve Bank of In­dia. Like Rajan, he has an IIT-IIM pedi­gree and ex­ten­sive for­eign ed­u­ca­tional ex­pe­ri­ence.

How­ever, un­like Rajan and Arvind Subra­ma­nian, who were work­ing abroad be­fore start­ing their stints as CEA, Kr­ish­na­murthy Subra­ma­nian has been with ISB since June 2010 and has served on In­dian fi­nan­cial in­sti­tu­tions such as the RBI Academy, the Na­tional In­sti­tute of Bank Man­age­ment and on the board of Band­han Bank. He was a mem­ber of Nayak Com­mit­tee on Gover­nance of Bank Boards, set up by RBI. He has au­thored many papers, in­clud­ing some with Vi­ral Acharya, cur­rently an RBI deputy gov­er­nor, in­clud­ing a 2016 pa­per ti­tled “State In­ter­ven­tion in Bank­ing: The Rel­a­tive Health of In­dian Pub­lic Sec­tor and Pri­vate Sec­tor Banks.”

Subra­ma­nian ob­tained his PhD un­der Raghu­ram Rajan (in pic)

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