New Indian central bank chief takes office


Among the promised reforms from new RBI head Raghuram Rajan will be allowing banks to open new domestic branches without central bank permission and the issuance of long-awaited new banking licenses by January.

The RBI will also soon issue inflation-indexed savings certificates and take steps to encourage financial services for the poor.

He plans his first monetary policy address on September 20.

"Some of the actions I will take will not be popular ... The governorship of the central bank is not meant to win one votes of Facebook 'likes.'"

The WisdomTree India Earnings Fund (EPI +4.5%), ICICI Bank (IBN +3.2%), HDFC Bank (HDB +2.9%). The WisdomTree Indian Rupee Fund (ICN +2.6%).

Other ETFs: INDY, EPI, PIN, INP, INDA, INXX, SCIF, SCIN, INDL, SMIN, INR.

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