“I’m Raghuram Rajan and I do what I do” do you miss this ‘rockstar’ guv?

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Raghuram Govind Rajan, 23rd Ex-RBI governor was famous for his wise and audacious decisions while serving his 3 years tenure.
Raghuram Govind Rajan, 23rd Ex-RBI governor was famous for his wise and audacious decisions while serving his 3 years tenure.

The rupee’s slide toward a record as low as 68.8375 per dollar, almost surpassing its record low of 68.85 hit in August 2013, as the greenback remained strong over the prospect of higher U.S. interest rates. The local currency, however, rebounded sharply after intervention by new RBI governor Urjit Patel who used ‘Rajan Factor’.

The RBI, under Rajan, then (2013) announced a series of measures to stabilise the free falling currency, including imposing temporary capital outflow curbs and incentivising inward remittances such as the FCNRB deposit schemes, under which banks mobilised about $20 billion worth deposits. The measures, coupled with the Rajan factor, worked well to calm down nerves in the financial markets. This time, it is Patel’s turn.

We remember how the Ex-RBI governor Raghuram Rajan effectively curbed many ups and downs in his 3 years tenure. It was sad moments how things turned bad over dismay between him and Modi government before he announced his retirement.

While I was open to seeing these developments through, on due reflection, and after consultation with the government, I want to share with you that I will be returning to academia when my term as Governor ends on Sept. 4, 2016,” Rajan wrote in his goodbye letter to RBI staff.

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Well we believe he was a ‘Rockstar’ governor and these quotes will prove it right!

[highlight color=”green”]11 quotes from Raghuram Rajan[/highlight]

[box type=”shadow” align=”alignleft” class=”” width=”650″] 1.“I think we have still to get to a place where we feel satisfied. We have this saying – ‘In the land of the blind, the one-eyed man is king’. We are a little bit that way.”[/box]

[box type=”shadow” align=”alignleft” class=”” width=”650″]2.“No one wants to go after the rich and well-connected wrong-doer, which means they get away with even more. If we are to have strong sustainable growth, this culture of impunity should stop.”[/box]

[box type=”shadow” align=”alignleft” class=”” width=”650″]3.“I don’t know what you want to call me… Santa Claus… you want to call me hawk, I don’t know. I don’t go by this. My name is Raghuram Rajan and I do what I do.”[/box]

[box type=”shadow” align=”alignleft” class=”” width=”650″]4.“I don’t want to take that James Bond (image). But, a banker on the move — I will take that.”[/box]

[box type=”shadow” align=”alignleft” class=”” width=”650″]5.“It is not because of the benevolence of the baker that we eat fresh bread every morning but because of his desire to make money.”[/box]

[box type=”shadow” align=”alignleft” class=”” width=”650″]6.“We are neither hawks nor doves. We are actually owls.”[/box]

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[box type=”shadow” align=”alignleft” class=”” width=”650″]7.“The governorship of the central bank is not meant to win one votes or Facebook “likes”. But I hope to do the right thing, no matter what the criticism, even while looking to learn from the criticism.”[/box]

[box type=”shadow” align=”alignleft” class=”” width=”650″]8.“Expectations are high. Clearly I am not a superman. There is a little bit of euphoria in India.”[/box]

[box type=”shadow” align=”alignleft” class=”” width=”650″]9.“It would be fair to say the world has never had it so good. But there are challenges building in the background.”[/box]

[box type=”shadow” align=”alignleft” class=”” width=”650″]10.“A forced equalization of wages that disregards the marginal contributions of different workers will deaden incentives and lead to a misallocation of resources and effort.”[/box]

[box type=”shadow” align=”alignleft” class=”” width=”650″]11.“Politicians today vow, “Never again!” But they will naturally focus only on dealing with a few scapegoats, not just because the system is harder to change, but also because if politicians traced the fault lines, they would find a few running through themselves.”[/box]

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