More clarity about the central bank's role needed, he writes in 'I Do What I Do'
'I Do What I Do', published by HarperCollins India, will be launched in Chennai on September 5
We have a bunch of new leaders who need to prove themselves that they are strong, he said
'It's great to be back,' Raghuram Rajan said
The former RBI chief speaks on the topic 'The Global Economy: Opportunities and Challenges' at the premier business school
Raghuram Rajan was not sure if demonetisation helps in curbing black money
He also stressed that democracy is a better system to create long-term growth
Rajan said that it was not fair to say that the govt did not give him an extension over his tight policy stance
With reference to "Au revoir, Mr Rajan" (September 5), it goes without saying that Raghuram Rajan's three-year tenure as the 23rd governor of the Reserve Bank of India (RBI) would go down in independent India's financial history as a "remarkable and memorable" one. He was the brain behind the successful handling of the deceleration of economic growth, double-digit retail inflation and massive volatility in the financial market. The list of his outstanding performances also includes "stabilisation" of the falling rupee, transforming India's banking sector on a "real-time" basis and shoring up our forex reserves, now pegged at $367 billion. Such a situation may be sufficient to meet the maturity repayment demand of the foreign currency deposits from November. The editorial, too, is all praise for him by ranking his politically "diluted" tenure as "path-breaking". It goes on to appreciate him for effectively addressing various long-term and structural deficiencies in India's monetary mana
RBI plans to introduce interest-free banking since Muslims couldn't access Islamic banking because Islam forbids interest
Raghuram Rajan's tenure at RBI was path-breaking
Journalists hoping to cover Raghuram Rajan's (pictured) last public address as Reserve Bank of India (RBI) governor at St Stephen's College in New Delhi on Saturday
In final speech, argues for independent central bank which has right to say 'no' to govt
It is rare and therefore a big tribute to have dishes that celebrate your legacy. Outgoing Reserve Bank Governor Raghuram Rajan got this honour with Zzungry, a Bengaluru-based food company that included two dishes in its menu as a tribute to the banker. Ulundu kozhukattai and Kova kozhukattai, dumplings of rice flour stuffed with spicy or sweet filling, are inspired from the cuisines of two states in India - Karnataka and Tamil Nadu - which hold great relevance in Rajan's life. Priced at Rs 100 and Rs 150 each, they will be available till Sunday, September 4, Rajan's last day at work.
He said RBI should transfer to govt entire surplus, retaining enough buffers that are consistent with good central bank risk management practice
At the same time, he added, the central bank has to work under a framework set by the government
He further said that freedom to take operational decisions is important for the central bank
Beside bringing central banking to India's drawing rooms, Raghuram Rajan also built the RBI's credibility when other global central banks were fighting to preserve theirs
Rajan said the head of the central bank should have a fixed tenure of more than three years as the current term was too short
So far, RBI followed a gentle glide path, aiming at 5% by March 2017 after bringing it below 6% in Jan 2016, Rajan said