The arrival of Raghuram Rajan at the Reserve Bank of India has been eagerly awaited by investors anticipating what monetary steps he will take to rescue the rupee, restore economic growth and curb inflation.
On his first day as central bank governor, however, Mr Rajan postponed comment on monetary policy until September 20, just after the US Federal Reserve policy meeting.
Instead, he spoke almost entirely about his plans for liberalising the banking sector, which he regards as essential for poverty alleviation and long-term growth in one of the world’s most underbanked economies.
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