Had to come back to India to exchange scrapped notes: Rajan

Former RBI governor Raghuram Rajan during an interview with HT‚ÄČin New Delhi on Thursday

In a spate of interviews to private TV Channels, Rajan said he wanted to stay on as the RBI governor to clean up the banking system but during his discussions with the government, he got the indication that there was no new term on offer for him.

"We need to have. professional boards in banks, independent of government and having the ability to hire or fire a CEO", he said.

Asia's third-largest economy aims to trim its fiscal deficit to 3.2 percent of GDP in 2017/18, down from 3.5 percent the year before.

Demonetisation has come at a huge cost for the Indian economy, former Reserve Bank of India (RBI) governor Raghuram Rajan has said.

Rajan spoke about some of the conversations that he had over demonetisation while he was heading the RBI.

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Rajan had previously said he was against demonetization and preferred other ways to tackle India's "black money" problem, such as offering tax incentives.

Mr. Rajan had earlier said the short-term costs of demonetisation may outweigh long-term benefits. The BBB has "not so clearly distinguished in terms of distance from government and to some extent needs perhaps more work to strengthen its autonomy and independence", he said.

He also said that no date was fixed for demonetisation and still the entire data on demonetisation is not available.

Pointing out that India trails China on economic growth post demonetisation, Rajan told PTI that while India can lecture the world on things such as culture and history, it should talk on the topic of growth only after achieving a 8-10 per cent growth rate for 10 years. "My sense was that there was still time to persuade the government otherwise", he said.

Rajan's comments came during an interaction with media during the launch of his book, "I Do What I Do - On Reform, Rhetoric and Resolve" here after it was released in Chennai and New Delhi during this week. "We don't do", he said. "Ya, if called upon and if there is a place where you can make a big difference, of course", he said. "I think ultimately we need to put the responsibility on the boards, hold it to account, pay them for the job that they are doing, and ensure PSBs are governed", he said.

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