Balancing Act for India’s Top Banker

.........Like a longtime military academy strategist suddenly given an army to lead, Mr. Rajan, 50, a prominent University of Chicago business school economist, now finds himself running the Reserve Bank of India, one of the most important central banks in the developing world.

His track record in his two months in office suggests a reluctance to embrace the monetarism for which the University of Chicago economics department has been known, while he has embraced limited financial deregulation. Along the way, he has avoided any signs of doctrine, preferring to see the results of each move before acting again. “I’m willing to be persuaded by the data,” he said in an interview at the central bank, in a wood-paneled reception room with one wall lined with the portraits of his predecessors............

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