[20] During his tenure the Research Department, which Rajan led, contributed to a complete review of the IMF's medium-term strategy, worked on introducing modern modelling and exchange rate assessment techniques to the IMF's consultations with member countries, and analysed the growth and integration of China and India into the world economy. He also led a team to assist some major economies in reducing balance of payments imbalances. Raghuram Govinda Rajan (born 3 February 1963) is an Indian economist and the Katherine Dusak Miller Distinguished Service Professor of Finance at the University of Chicago Booth School of Business. [27], In the aftermath of the 1997 Asian financial crisis, the International Monetary Fund was facing criticism for its imposition of fiscal austerity and tighter monetary policies on developing nations. It is important, therefore, indeed more than ever before, that much of the resolution takes place outside the Insolvency and Bankruptcy Code (IBC) framework," he said. ", The response to Rajan's paper at the time was negative. If it's got to be from the government, the question is, wouldn't the government be better off using that money to capitalise individual banks which, at any rate in theory, looks more efficient?," he added. [85] Rajan has also stated that the sudden resignation of Urjit Patel, who was his successor at RBI, was a "note of protest". Inciting hatred against a certain community, India's 1st Online Instant Personal Loan Marketplace, Gamer, student or creator, this is a must buy for all. However, in an apparent contradiction of his previous stance of encouraging customers to use banks, he also permitted banks to charge customers for conducting ATM transactions beyond a certain number of times per month, at a time when the Indian Government was actively attempting to promote financial inclusion through its Pradhan Mantri Jan Dhan Yojana scheme, which effectively prevented people from easily accessing their own savings and discouraged them from using formal banking channels. Rajan's sister is married to an Indian Administrative Service officer and is a French teacher in New Delhi. [48], On 18 June 2016, Rajan announced that he would not be serving a second term as RBI Governor, and planned to return to academia. During his tenure, he enforced two-factor authentication of domestic credit card transactions to ensure the safety of customers. Assigned to the Intelligence Bureau, R Govindarajan, his father, was posted to Indonesia in 1966. Chief Economic Adviser to the Government of India, Chief Economist of the International Monetary Fund, Fault Lines: How Hidden Fractures Still Threaten the World Economy, Hong Kong University of Science and Technology, FT and Goldman Sachs Business Book of the Year Award, Financial Times and Goldman Sachs Business Book of the Year Award, High Level Committee on Financial Sector Reforms, University of Chicago Booth School of Business, Financial Times and McKinsey Business Book of the Year Award, Deutsche Bank Prize in Financial Economics, Raghuram Rajan, academic in a raging storm, "Raghuram G. Rahan: Katherine Dusak Miller Distinguished Service Professor of Finance", "Faculty members recognized with named, distinguished service professorships", "RBI Governor Raghuram Rajan first Indian to be appointed BIS Vice Chairman", "Mr. Rajan Was Unpopular (But Prescient) at Greenspan Party", Raghuram Rajan in TIME's 100 most influentials list, Raghuram Rajan, Sania Mirza, Sundar Pichai Among Times 100 Most Influential People, "Line of Credit: Raghuram Rajan takes charge at the RBI", 7 Interesting facts about 23rd RBI Governor Raghuram Rajan, "Didn't own a blazer in school, Raghuram Rajan tells students", "HKUST Holds 23rd Congregation Conferring Honorary Doctorates on Five Distinguished Academics and Community Leaders", "Economic Scene; Are open markets threatened more by a pro-business or by an antibusiness ideology?
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