My successor has to take over the RBI’s communication and I want to get out of his way, says Dr Rajan

Mumbai, Sep 5 (KNN) This is the last public speech I will give in India for a while – my successor has to take over the RBI’s communication and I want to get out of his way, said the Ex- Governor of RBI, Dr Raghuram Rajan, who on Sunday completed his three-year tenure as the apex bank chief.

Urjit Patel, who was Deputy Governor in charge of the monetary policy, will be taking over as the next RBI Governor on Tuesday as Monday (September 5) is a holiday for the central bank.

The new deputy governor for the Monetary Policy Department, in place of Patel, would likely be announced soon.

Addressing at St Stephen’s College in New Delhi on Saturday, he said, “My parents could give me a wonderful childhood and a great education in this country. We all grow up with such debts, and public service is a way to partially repay them.”

“However, the last few years, working with dedicated colleagues at the RBI and the Finance Ministry, have been so fulfilling that I think I have received rather than given. I believe we have undertaken important reforms in payments, in banking, in the conduct of monetary policy and liquidity management, in financial markets, and in the resolution of distress, as well as within the RBI itself. Only time will tell whether they will have lasting impact, but I tried to do the best job I could, without fear or favor,” Rajan said.

This is the last public speech I will give in India for a while – my successor has to take over the RBI’s communication and I want to get out of his way. It has been an honor to work for the country and especially to talk to people like you, its future. Thanks for listening to me, Dr Rajan concluded. (KNN Bureau)