.............What about Rajan' performance in areas that are exclusively the RBI's domain? Here the record is mixed. The two broad areas of the RBI's responsibility -apart from monetary policy formulation and being banker to government -are financial sector stability development and bank supervision. On the first, there has been a flurry of activity. From is suing new bank licences and establishing guidelines for small and payments banks, to setting up commit tees to revise and strengthen the monetary policy framework (Urjit Patel committee), to look at financial ser vices for small business and low-income households (Nachiket More committee) and to review the governance of bank boards (Nayak commit tee), it's been a busy 12 months. What of action on the ground? The verdict will have to wait........
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