Governer Raghuram Rajan Writes his Final Letter to the RBI

BENGALURU: Out-going RBI Chief Raghuram Rajan has written a letter to his employees and co-workers, applauding and acknowledging the achievements of the RBI during his tenure.

When Raghuram Rajan was instilled as the Governor of RBI 3 years ago, the Indian economy was one among the ‘Fragile Five’. He is stepping down having orchestrated the conversion of India into the fastest growing economy in the world. During his stint he laid out an agenda for action and a new monetary frame work.

The prime focus was on bringing down inflation and raising Foreign Currency Non-Resident deposits to bolster forex reserves. His planning took on the licensing of niche and general banks by committees of impeccable integrity.

He also conceived the idea and oversaw the creation of Bharat Bill Payment system and the Trade Receivables exchange. He introduced payments through mobile phones. This innovative Universal Payment Interface has the potential to revolutionize the mobile to mobile payment method in the country. The interface came along with a large loan database that improves mapping of distress.

Through well structured planning, Mr.Rajan and his team have been successful in halving the inflation and in the process ensuring that the savers take back positive interests.

 One of the most notable achievements of Mr.Rajan is that the value of Rupee has been stabilized and the forex reserves are at a record high and government has launched a 40-year bond for the first time.

The new Bank Board Bureau which was masterminded by him has been instrumental in creating a structure for PSBs so that payments from failing projects can be recovered.

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