BENGALURU: In 2013, India was being buffed by runaway inflation and the currency was slipping, the rupee was trading near a record low of 68.85 per dollar. But within days of him assuming charge as the chief of the RBI, the rupee staged a remarkable comeback. It seems Rajan’s larger-than-life image, plain speaking and willingness to face off challenges head on may well have cost him his job. Not willing to serve a second term as the respected RBI Governor, Raghuram Rajan highlighted few accomplishments in his three-year tenure as RBI chief.

The key repo rate reached to its five-year low because of the lower inflation and stability in the currency markets—helped the economic growth and consumer spending. Only under Dr Rajan, public sector banks could venture on a program to clean up their balance sheets. The Reserve's Bank's Asset Quality Review (AQR) has forced PSU lenders to distinguish non-performing loans, which augurs well for future economic growth.

Below are 10 achievements Dr. Rajan listed in his letter:

1)      "When I took over, the Indian economy was labelled one of the 'Fragile Five', but today, we are the fastest growing large economy in the world, having long exited the ranks of the 'Fragile Five'."

2)      "After discussions, I laid out an agenda for action and a new monetary framework."

3)       "We focussed on bringing inflation down and raising Foreign Currency Non-Resident (B) deposits to bolster forex reserves."

4)       "My plan took on the licensing of niche and general banks by committees of unimpeachable integrity."

5)       "I undertook the creation of the Bharat Bill Payment system and the Trade Receivables Exchange."

6)       "I also expanded payment modes to everyone by introducing payments through mobile phones. The Universal Payment Interface will soon revolutionize mobile to mobile payments in the country."

7)       "I also developed a large loan database to improve mapping of distress in this area."

8)       "Through such measures, today inflation has been halved and savers earn positive interest after a long time."

9)      "Currency has stabilized, our forex reserves are at a record high and government has launched a 40-year bond for the first time."

10)    "The new Bank Board Bureau has been instrumental in creating a structure for PSBs so that payments from failing projects can be recovered."

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