..........The youngest Governor of the Reserve Bank of India (RBI) was branded as “misguided” by then US Treasury secretary Lawrence Summers when, in a paper titled Has Financial Development Made the World Riskier?, he was among a handful who dared to warn against a storm brewing in the financial services sector and questioned whether banks had sufficient liquidity to cope. Rajan was of course proved right when the US sub-prime crisis snowballed into a global economic slowdown.........
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