Say it was unfair to attack him personally, questioning his patriotism; timely intervention may have made him stay here
Hopes country will ensure independently functioning RB
Many countries have a five-year term for their central bank chiefs
The government has made it clear that its first preference would be for an economist to take up the post
Criticises Modi govt for slow progress in reforms; doubts GDP numbers
As controversy continues to rage over the exit of Raghuram Rajan as Reserve Bank Governor, former finance minister P Chidambaram today said he believes Rajan had every right to speak out on issues that were not strictly within his brief. "Two mature people can disagree, but that doesn't mean one has to abuse the other, question the other's patriotism, question the other's intellectual capability. That is where I think he felt deeply hurt and decided to quit. India is the loser", he told NDTV. When asked about criticism that Rajan had exceeded his brief, Chidambaram said "What is the RBI governor's brief. Where is it written? He is an acknowledged academic, author and intellectual. He spoke on issues which are in the public domain." "He said only tolerant societies can move forward fast. You cannot have a high degree of intolerance. With one section of people living in fear and still hope for inclusive growth. Why not? What is wrong in these words. Did he use ...
He also took on industrial nations for expecting emerging markets to be "orthodox" in their monetary and economic policies
Rajan, whose current three-year tenure ends on September 4, has already said no to a second term
Govt enforced a law for setting up a six-member panel likely to decide on interest rates at the next monetary policy
Defending the central bank chief, Modi said those who created controversies were being unjust to Rajan
Time for everybody to show greater restraint
With Rajan not "really there", the FinMin has decided to keep a watch on market developments this week with all key officials on the job
He said in a statement that the RBI was ready to act when necessary
His views are on topics ranging from bad loans, low credit growth to willful defaulters
Opposes using RBI reserves to recapitalise banks
Rajan said the proposal to capitalise banks seems non-transparent idea that can create conflicts of interest
Rajan last week announced that he would return to the academic world after the end of his term
RBI Governor Raghuram Rajan on Monday addressed a packed hall at the Tata Institute of Fundamental Research. This was his first public engagement after saying on Saturday he wanted to go back to academia after his term at the central bank comes to an end on September 3. Excerpts from his speech:Brexit can be quite damaging if it happens. Of course, we have factored in some probability of it happening. If it doesn't happen, you could see some significant rebound. We are preparing for it and monitoring the markets"We will do what it takes to moderate market volatility, but once the initial bouts of wave abate, people look for good fundamentals"By focusing on WPI, we could be deluded into thinking we control inflation, even though it stems largely from actions of central banks elsewhere. In doing so, we neglect CPI which is what matters to our common man, and is more the consequence of domestic monetary policy"If a critic believes interest rates are excessively high, he either has to argu
He even praised the Narendra Modi government for setting a Consumer Price Index-based inflation objective
Read below the full text of RBI Governor Raghuram Rajan's speech at Tata Institute of Fundamental Research, Mumbai