A big package of financial sector reforms has been launched by India’s high-profile new central bank chief as the country battles a currency crisis and slowdown in economic growth.
On his first day at the helm of the Reserve Bank of India, Raghuram Rajan unveiled a series of moves to liberalise banking and spread services across the nation of 1.3bn people.
With the rupee having fallen close to its record low against the dollar earlier in the day, Mr Rajan acknowledged that times were hard and that some of his actions would be unpopular, but said the central bank job was not meant to win votes or “likes” on Facebook.
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