Five pillars, one man

..... So far, Rajan has also hit a blank with his innovative idea of a holding company to insulate banks from political pressure, and his attempts to hire Nachiket Mor—his pointsperson for work on inclusive banking—are also facing resistance from the finance ministry. Rajan still needs to do a lot more to complete ‘missing markets’—this includes not just corporate bonds but also converting trade receivables to an electronic and tradeable format to improve credit to MSMEs—but such is the nature of the job, most attention will remain focussed on the rupee and inflation levels, both of which are more determined by how the government behaves. By all accounts, it has been a great first year for Rajan.

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