"Let us remember", said the new RBI governor, in his maiden speech, "that the goal is having greater financial access in all parts of the country, rather than meeting bureaucratic norms."
Music to our ears!
In Raghuram Rajan, we may finally see a leader who not only has a clear vision but also the ability to communicate it and the gumption to see it through. Almost immediately after the speech was telecast yesterday, the Rupee stopped sliding, and the markets which had been down in the dumps for weeks, perked up.
While it was pleasure to read his speech, carefully crafted like a fine motor engine, I found in it many unfamiliar terms. Since I am likely to be following RaRa very closely hereon, I need to find out more about --
* Electronic Bill Factoring Exchanges: For electronically receiving and auctioning MSME bills - what does that mean?
* Inflation Indexed Savings Certificates linked to the CPI New Index
* National giro-based Indian Bill Payment System: What is "giro-based"? And I thought electronic bill payments were already quite popular..
* “White” POS device: How is this different from the usual point-of-sale device
* RBI Press Release - Statement by Dr. Raghuram Rajan on 4 Sep., 2013 -- http://rbi.org.in/scripts/BS_PressReleaseDisplay.aspx?prid=29479
* First Post - R. Jagannathan -- http://www.firstpost.com/business/raghuram-rajan-hits-first-ball-sixer-set-to-bowl-markets-over-1084247.html
* Mint-WSJ: The Morning After -- http://www.livemint.com/Opinion/3gbcDl2HYGQtANET2HXRyM/Raghuram-Rajan-The-morning-after.html
* Takshashila - Beginning with an A+ -- http://tgs.nationalinterest.in/2013/09/04/well-begun-with-a/