Five best quotes from Raghuram Rajan's first speech as RBI governor

Raghuram Rajan has taken over as Reserve Bank of India's governor. The fifty-year-old, economics professor who also served as chief economist at the International Monetary Fund, took charge from D Subbarao today.

The duo shook hands warmly and hugged after Rajan signed papers taking over as the 23rd Governor of the central bank. "Ten minutes ago, I handed over charge to Raghuram Rajan," Subbarao said after stepping out of Mint Road. "The country could not have asked for a more capable person to lead the RBI in these most difficult times."

Here are the 5 best quotes from Raghuram Rajan's first speech RBI governor:

• "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."

• "Aadhar will be a foundation for building individual credit history."

AFP

• "While the resumption of stalled projects and stronger growth will alleviate some of the banking system difficulties, we will encourage banks to clean up their balance sheets, and commit to a capital raising program where necessary. The bad loan problem is not alarming yet, but it will only fester and grow if left unaddressed."

• "Any entrant to the central bank governorship probably starts at the height of their popularity. Some of the actions I take will not be popular. The Governorship of the Central Bank is not meant to win one votes or Facebook "likes". But I hope to do the right thing, no matter what the criticism, even while looking to learn from the criticism."

• "S&P statement of one-third chance of India rating downgrade nothing new, will not read too much into it."