Reserve Bank of India’s 23rd governor, Raghuram Rajan recently featured among Time magazine's '100 Most Influential People in the World'.
Terming Raghuram as "India's prescient banker," Time said he is among a rare breed of economic seers who steered India through the global crisis and fallout, playing a large role in making it one of the emerging-market stars of the moment.
In 1987, he earned a Post Graduate Diploma in Business Administration from the Indian Institute of Management Ahmedabad, graduating with a gold medal for academic performance. In 1991, he received a Ph D for his thesis titled Essays on Banking under the supervision of Stewart Myers, consisting of three essays on the nature of the relationship between a firm or a country, and its creditor banks.
The nature of financial systems had witnessed widespread changes in the 1980s, with markets getting deregulated, information becoming more widely available and easier to process, and competition having increased.
It is an attempt to spread hope and encouragement amid the negativity that we are bombarded with on a daily basis.
At the Federal Reserve annual Jackson Hole conference in 2005, Rajan warned about the growing risks in the financial system and proposed policies that would reduce such risks. However, following the financial crisis of 2007–2008, Rajan's views came to be seen as prescient and he was extensively interviewed for the Academy Awards-winning documentary Inside Job (2010). Rajan, who served as the 23rd Governor of RBI between 20, is the only contender from outside the United Kingdom, at a time the nation is going through uncertainty over Brexit, with Thresa May being the latest in the long line of public figures and politicians resigning at the altar of the UK's exit from European Union. K.’s monetary policy and maintaining its financial stability has rarely been more political, and Rajan is the only outsider among the top contenders in the running to replace Mark Carney, according to bookmakers and economists who follow the 325-year-old institution," reported However, neither Rajan nor the Bank of England is commenting on his candidacy, even as the deadline for applying for the job passed last week.Rajan was outspoken during his tenure as the RBI governor and spoke his mind on issues traditionally seen out of a Central Bank governor's remit.He has worked with Luigi Zingales on the effect of institutions on economic growth, their research showing that development of free financial markets is fundamental to economic modernisation.Rajan and Zingales built on their work to publish Saving Capitalism from the Capitalists in 2003.During the Lok Sabha election campaign, Rajan advised the Congress on its NYAY scheme.Rajan, currently working as the Katherine Dusak Miller Distinguished Service Professor of Finance at the University of Chicago has also served as the chief economist of the International Monetary Fund and was hailed as a visionary when he warned against looming economic recession of 2008 back in 2005.Assigned to the Intelligence Bureau, R Govindarajan was posted to Indonesia in 1966. In 1970 he was posted to Sri Lanka, where Raghuram Rajan missed school one year because of political turmoil.In 1968 he joined the newly created external intelligence unit of the Intelligence Bureau, the Research and Analysis Wing (R&AW) where he served as staff officer under R. After Sri Lanka, R Govindarajan was posted to Belgium where the children attended a French school. He graduated in 1985 and was awarded the Director's Gold Medal as the best all-round student.After having passed out from school he enrolled at Indian Institute of Technology, Delhi, for a bachelor's degree in electrical engineering. He was awarded the Director's Gold Medal as the best all-round student.In 1987 he earned a Post Graduate Diploma in Business Administration from the Indian Institute of Management, Ahmedabad.