The end of 'Rockstart Rajan's' Rocking Tenure
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Rajan’s three years at the
Experts say his biggest legacy would be steering the economy out of what seemed like a never¬ ending crisis ¬¬ with a bleeding rupee, unsustainably high CAD and precarious external position ¬¬ and then creating a framework through cleaning banks' books, market liberalisation and putting bank licensing on¬tap, which will all go a long way to make a conducive environment for the next wave of growth. Under Rajan, the RBI undertook an asset quality review of banks by issuing blanket orders to classify loans to certain accounts as nonperforming assets. The provisions led to record losses by lenders and Rajan set them a deadline of March 2017 to get done with the clean¬up act. Under Rajan, the RBI reached a historic agreement with the government to become an inflation ¬targeting central bank under which the MPC has been envisaged to make interest rate setting a collective call, rather than being driven by the Governor. This makes him the last governor to have the privilege of setting the monetary policy on his own.
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