Mission incomplete: Raghuram Rajan’s overhaul of the Reserve Bank of India

Mission incomplete: Raghuram Rajan’s overhaul of the Reserve Bank of India: Governor will need another stint to make RBI nimble footed, say analysts



My VIEW:

It is common knowledge that Dr Rajan is doing excellently well as RBI Governor and it was his option to have a shorter first term (The initial appointment could have been for five years) and at the moment there is no compelling reason not to give him a re-appointment for 5 years from September 2016.
As regards the observation “Since then, Rajan has only hired one permanent staffer from outside. It is not clear what role, if any, opposition from the staff played in the low number of external hires. The RBI declined to comment for this story.”, the role played the ‘lone outsider’ is also not very conspicuous, though there is a case for more lateral induction at higher level across financial sector institutions. This and several HR-related issues brought out by RBI Governor in RBI Annual Report 2014-15 and the widely covered 2016 New Year Message from him to his colleagues deserve attention from policy makers at the highest level.

M G Warrier


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