Revamp boards of PSBs, make them independent of govt: Raghuram Rajan

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Revamp boards of PSBs, make them independent of govt: Raghuram Rajan

And then went on to speak about demonetisation.

Rajan began by speaking about the Narendra Modi-led government's reform, rhetoric and resolve. In his book published by Harper Collins, Rajan says it was in February 2016 that the government asked him for his views for the first time on the proposed note ban.

"We need truly independent professional board for public sector banks... which is independent of government, and professional, which have the ability to appoint CEOs", Rajan said while launching his book "I do what I do" in Mumbai.

The former governor of the Reserve Bank of India (RBI) Raghuram Rajan said on Thursday that India needs to propel its economy soon to provide work to the country's unemployed.

He said there was no reason why the economy can not grow at 9-10%.

"No date was fixed for demonetisation".

If you think only common people like us were in a state of panic and urgency to exchange scrapped currency notes with the legal ones post demonetisation, then you might be little wrong. He referred to financial services company JP Morgan's report on demonetisation where it claimed that the cost of note ban could be 1-2 per cent of the GDP.

Talking about the relation between RBI and finance ministry, Rajan said that tension between RBI and Finance Ministry has always been there. He also clarified that he never resigned. "Since there wasn't another term on offer, I left", he said. "My sense was that there was still time to persuade the government otherwise", he said.

Rajan minced no words and said "we should be anxious about the economy's health" amid slowing GDP growth.

He further said that the recent Supreme Court ruling privacy as fundamental right has expanded the realm of tolerance for certain kinds of behaviour. "You have not lived in a village for 20 years, how can you be any better than anybody who is from San Francisco?!"

That is why Rajan, who is now a professor of finance at the University of Chicago in the USA, had to come back to India to exchange his old Indian currency notes with the valid ones after demonetisation.

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