Rajan set to take over as RBI Guv tomorrow

Raghuram G Rajan left for Mumbai on Tuesday and is expected to take charge as the 23rd Governor of RBI.

Written by ENS Economic Bureau | New Delhi | Published: September 4, 2013 1:46:03 am

Giving himself time to prepare for his new role,Raghuram G Rajan left for Mumbai on Tuesday and is expected to take charge as the 23rd Governor of the Reserve Bank of India on Thursday.

But his family — Radhika Puri,a classmate from his days at the IIM (Ahmedabad),and a son and a daughter,could,however,take some more time to join him at the RBI Governor’s bungalow. Rajan’s younger brother Mukund G Rajan,brand custodian and chief ethics officer at the Tata Group will be in the same town. Rajan also has an elder brother and an elder sister,but not in Mumbai.

Rajan,50,is also understood to have finished his teaching assignments at the University of Chicago’s Booth School of Business where he is a professor of finance. His last few days at the finance ministry,where he worked for a little more than year as the chief economic advisor,were marked by long and frequent meetings with finance minister P Chidambaram to work out measures to curb the current account deficit and stabilise the rupee.

So exchanging his first floor office in North Block’s finance ministry for an 18th floor office at the RBI’s headquarters may seem like a natural progression. But awaiting him are problems of a volatile currency and threats of a sovereign downgrade by rating agencies.

“His knowledge of the global economy along with recent work at the finance ministry wills serve him well at the RBI,” said Bimal Jalan,former RBI Governor who held office during similar circumstances of the Asian crisis of 1997-98.

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