These 10 Achievements Prove Why India Will Miss Raghuram Rajan As Its RBI Governor

RBI Governor Raghuram Rajan announced to his team at the central bank that he would not serve a second term as their chief. He also listed the achievements that the RBI had notched over the past three years.?

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Here are 10 achievements 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."

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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."

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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."

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