RBI governership not meant to win Facebook likes, says Raghuram Rajan

Mumbai: New RBI Governor Raghuram Rajan today said stewardship of the central bank is not a popularity contest or a social networking trend, indicating he is ready for taking some tough decisions.

“Any entrant to the central bank governorship probably starts at the height of their popularity,” he said at his maiden press briefing after taking over as the 23rd Governor of the Reserve Bank of India.

“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.”

Rajan, 50, addressed the media with a prepared statement in which he laid out a detailed road map for his innings in the short term, which he called a “big initial package.”

“Our task today is to build a bridge to the future, over the stormy waves produced by global financial markets,” he said.

Rajan also cited Rudyard Kipling while stating his intent to do the right thing, even amid criticism.

“But I hope to do the right thing, no matter what the criticism, even while looking to learn from the criticism,” Rajan said.

“Rudyard Kipling put it better when he mused about the requirements of an ideal central banker in his poem ‘If’: If you can trust yourself when all men doubt you, But make allowance for their doubting too: Kipling’s reference to “men” only dates these lines, but his words are clear.”

PTI