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By the time you read this, Dr. Raghuram Rajan, our new
RBI Governor would have completed his first month
in office. Ever since he assumed office (an un-envious
thing to do in the present circumstances), Dr. Rajan has taken
key policy steps that have helped stem the fall in rupee, led to
a recovery in stock markets and soothed sentiments in bond
markets.
In his inaugural speech as the RBI Governor on the day he
took office, he clearly outlined the roles and responsibilities
of the Central Bank, when he said – “The primary role of
the central bank, as the Act suggests, is monetary stability,
that is, to sustain confidence in the value of the country’s
money. Ultimately, this means low and stable expectations of
inflation……”, and, “I talked about the primary role of the
RBI as preserving the purchasing power of the rupee, but
we have two other important mandates; inclusive growth and
development, as well as financial stability”. The best part is
his focus on retail CPI inflation as is evident from the recent
repo rate hike and the announcement on issuance of Inflation
Indexed Savings Certificates linked to the CPI New Index to
retail investors by end- November 2013.
Another statement that warrants attention is – “To the
existing traditions of the RBI, which will be the bedrock of
our work, we will emphasise two other traditions that become
important in these times: transparency and predictability.
At a time when financial market are volatile, and there is
some domestic political uncertainty because of impending
elections, the Reserve Bank of India should be a beacon of
stability ….” At a time when investors seem to be losing faith
on Central Banks, this statement comes as a welcome relief.
The last thing investors want is unpredictability. A predictable
policy environment shall go a long way in cementing faith of
investors in the financial and investment markets.

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