New Delhi, Aug. 6: The man who in 2005 warned central bankers of an impending financial crisis has been chosen by the Government to lead its central bank, as it grapples with its own financial crisis.
Raghuram Govind Rajan, now Chief Economic Advisor to the Government and a former chief economist of the International Monetary Fund, was on Tuesday named successor to RBI Governor D. Subbarao.
The announcement came on a day when there was bloodbath in the markets. The Sensex fell by more than 500 points intra-day and recovered marginally to close 449 points or 2.34 per cent down over Monday’s close, slipping below the 19,000-mark. The rupee touched an all-time low of 61.80 to the dollar during the day but recovered smartly after the announcement to end at 60.77, up 11 paise over the previous close.
【News source】
Rajan tasked to fix financial faultlines
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