Raghuram Rajan, Youngest Ever Governor of RBI Turns 54

| February 3 , 2018 , 15:49 IST

Raghuram Rajan turns 54 on Saturday. The former Governor of RBI was born on 3rd of February, 1963.

Rajan served as the 23rd Governor of RBI. He stepped down from the post in September 2016.

Born in Bhopal to a Tamil Brahmin family, Raghuram Rajan attended Delhi Public School RK Puram. He enrolled at the Indian Institute Of Technology, Delhi for a Bachelor's degree in Electrical Engineering in 1981. He graduated in 1985 and was awarded the Director's Gold Medal for being the best all-around student.

Rajan earned a Post Graduate Diploma in Business Administration from the Indian Institute of Management, Ahmedabad in 1987. In 1991, he received a PhD from Sloan School of Management, MIT for his thesis titled Essays on Banking.

Rajan's research interests were in banking, corporate finance, and economic development, especially the role finance plays in it.

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Rajan came to India as a rescue machine at a time when the country was suffering from a financial crisis— markets were tanking and the rupee had suffered a steep drop. Since then, he worked hard to keep the currency high till he demitted the office.

 “I am no Bond. I am a banker on the move.” – Raghuram Rajan 

Raghuram Rajan, the man who broke down the barriers of economics and policy is often referred to as the ‘James Bond’ of the Indian economy. His ability to connect with the people and speak their language earned him several fans across the country. It was due to his self-explanatory ability that he brought Indian economy back from the cliff.

In his seemingly liberal three-year term as RBI Governor, he experienced many indirect clashes with Government. Be it the currency ban or Government’s new method of calculating the GDP, Raghuram Rajan always kept his opinion foremost and received positive recognition from the masses.

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While he was the Governor of the Reserve Bank of India and the chief economist at the International Monetary Fund from 2003 to 2007, he was the youngest to occupy the position.

He was the first Indian in history to be appointed as Vice-Chairman of the Bank for International Settlements.

Rajan once famously sai, "My name is Raghuram Rajan and I do what I do". Rajan it can be said, meant every single word of his statement. He is known as the most courageous governor of his league, as he took several bold decisions to boost the Indian Economy.

Rajan once surprised everyone cutting repo-rate by 50 basis points which brought it down to 6.75%. On the criticisms that followed, Rajan said, "We are not throwing Diwali bonus".   

He currently serves as the Katherine Dusak Miller Distinguished Service Professor of Finance at Booth School of Business, University of Chicago.

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Rajan was one of the six economists to be the nominee for Nobel Prize For Economics this year, he has authored several books related to Economics like,"I Do What I Do", "Saving Capitalism From The Capitalist", "Fault Lines" including others.