New Indian central bank chief takes office

|By:, SA News Editor

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%).

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