..............Central bankers are usually judged in two ways—their track record in maintaining the value of the currency as well as the systemic reforms they undertake during their tenure. Rajan has done well on the first count while his early statements on the second indicate that he is on the right track. The annual report released in August provides a succinct overview of the task Rajan has set himself. There are five pillars in the strategy to transform the Indian financial sector: a new monetary policy framework, a more competitive banking sector with differentiated licenses, deepening liquidity in the financial markets, financial inclusion and improving the ability of banks to cope with stress..............
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