He was a member of The Palais Royal Initiative on the Reform of the International Monetary System. He was also on the Advisory Board of Institute for New Economic Thinking (INET). He was member of the High Level Advisory Panel on Independent Evaluation of Role of IMF in Global Financial Crisis.

Dr. Reddy was the Conference President of the 97th Annual Conference of the Indian Economic Association in 2014. Earlier, during 2011, he was President of Indian Econometric Society. In 2010, President of India awarded India’s second highest civilian honour, the Padma Vibhushan to Dr. Reddy. Dr. Reddy was Governor of Reserve Bank of India from 2003-2008.

On 17 July 2008, Dr. Reddy was made an Honorary Fellow of the London School of Economics. Earlier, he was awarded Doctor of Letters (Honoris Causa) by Sri Venkateswara University, India; and Doctor of Civil Law (Honoris Causa) by the University of Mauritius.

Dr. Reddy (born on August 17, 1941, in Patur, Cuddapah District, then in Madras Presidency, British India) received his M.A. in economics from Madras University, India. He holds a Ph.D. from Osmania University, Hyderabad. He also holds a Diploma in Economic Planning from the Institute of Social Studies, The Netherlands.

He joined Indian Administrative Service in 1964. He served in Governments of Andhra Pradesh, Government of India and World Bank, and rose to the position of Secretary (Banking) in Ministry of Finance in 1995. He moved to Reserve Bank of India in 1996 as Deputy Governor, and then to International Monetary Fund in 2002 as Executive Director on the Board.

Currently, Dr. Reddy is Honorary Professor, Centre for Economic and Social Studies (CESS), Hyderabad, India.