I Do What I Do

by Raghuram G. Rajan

the single most important task in management is to pick good deputies,

The government will need to withdraw from occupying the commanding heights of the economy, confining itself to providing public goods and the governing framework, and leaving economic activity to the people.

Any public job involves both undue praise and unfair criticism. It is human nature to think the latter dominates the former.

Although there might be long-term benefits, I felt the likely short-term economic costs would outweigh them, and felt there were potentially better alternatives to achieve the main goals.

‘to regulate the issue of Bank notes and the keeping of reserves with a view to securing monetary stability in India and generally to operate the currency and credit system of the country to its advantage;’

Financial Sector Legislative Reforms Committee (FSLRC),

primary role of the RBI as preserving the purchasing power of the rupee, but we have two other important mandates; inclusive growth and development, as well as financial stability.

On the retail side, I particularly want to emphasize the use of the unique identity, Aadhaar, in building individual credit histories. This will be the foundation of a revolution in retail credit.

Promoters do not have a divine right to stay in charge regardless of how badly they mismanage an enterprise, nor do they have the right to use the banking system to recapitalize their failed ventures.

If you can trust yourself when all men doubt you, But make allowance for their doubting too:

Policy making is about deciding in the face of uncertainty, after weighing the alternatives as best as one can.

Autobiographies are always written as if the author had it all mapped out with perfect foresight, ignoring the risks and uncertainties at that time.

Policy making invariably involves taking measured risks in the face of uncertainty, for one has neither a prior template nor the luxury of indecision.

Clarifying and strengthening the monetary policy framework.

Strengthening banking structure through new entry, branch expansion, encouraging new varieties of banks, and moving foreign banks into better regulated organizational forms.

Broadening and deepening financial markets and increasing their liquidity and resilience so that they can help allocate and absorb the risk...

Expanding access to finance to small and medium enterprises, the unorganized sector, the poor, and remote and underserved areas of the country through technology, new business practices, and new or...

Improving the system’s ability to deal with corporate distress and financial institution distress by strengthening real and financial r...

MAHATMA GANDHI NATIONAL RURAL EMPLOYMENT GUARANTEE ACT (MGNREGA)

Don’t throw good money after bad money simply because there is an unreliable promise that debt will become serviceable.