......And he has kept his word. He has already met the media five times in the two months that he has been Governor and that includes an exclusive interview with a television channel. That would be roughly equal to the number of times his predecessors met the press over a whole year. Central bankers, as a breed, are known to be reticent but Dr. Rajan’s communicative approach has been a refreshing change and the media is having an extended honeymoon with him...........
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Transparency in communication has received a boost in RBI during this decade. Dr Subbarao also believed in transparency in policy decisions and their implementation. Dr Rajan has the added advantage of being known for being fearless and fair while taking positions which he considered right. Some indications are available in the cover story featuring him in current Business Today(November 24: His Own Man), for those who have not read his book Fault Lines. But his being transparent or forthright alone cannot save Indian Financial Sector. The clear messages RBI Governor gives have to be received in right spirit and acted upon in Delhi. Unfortunately, there are no positive signals yet. The fear that Dr Rajan may exhaust his ammunition too soon is unfounded. Rajan knows too well that tomorrow will be different from today.
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