How to Be a Successful RBI Governor


How to Be a Successful RBI Governor

Illustration: Saachi Mehta/ Arré


n Saturday evening, as I sat cursing the stillborn rain like every other frustrated Mumbaikar, a newsbreak made me even more blue – Dr RRR would not seek a second term as RBI governor. The first thought that came to my mind was “Lag gaye l**de”, the second was, “Damn I should have bought some put options.” Now, as a white-collar, educated-at-expensive-university kind of guy, I’m not usually the one to give into the lag-gaye-l***de sentiment, but I felt the situation called for it.

I had only heard of R3 as the dude who predicted doomsday, the 2008 subprime crisis, way back in 2005, (second only to Dr Swamy who predicted it in the 1920s, of course) but his appointment was greeted with a 350-odd point jump on the Sensex, which was frankly unprecedented for a banker. Raghuram “James Bond” Rajan had arrived and how.