Arundhati Bhattacharya to replace Raghuram Rajan? All you need to know about India’s first potential woman RBI Governor

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State Bank of India (SBI) chairwoman Arundhati Bhattacharya smiles during a product launch in Mumbai, India, January 15, 2016. REUTERS/Shailesh Andrade - RTX22JAD

New Delhi, June 14: Arundhati Bhattacharya, the chairperson of State Bank of India (SBI) is likely to be appointed as the next Reserve Bank of India (RBI) Governor. As per rumours doing the round within the financial circles, Centre is impressed with her performance as the Managing Director of SBI since the past 3 years, and is likely to hand over the reigns from Rajan to her this September.
Rajan, although considered to be the one who brought inflation in the Indian economy under control, has lately received flak from the far-right section of the ruling dispensation, which believes that his conservative monetary policies has led to the staggering growth of employment. “His policies are not in tandem with the requirements of India,” said his most vocal critic, Dr Subramanian Swamy. Although, Finance Minister Arun Jaitley has reiterated that the decision to extend Rajan’s tenure or replace him would be taken when the term ends, political pundits are firm that Rajan would be replaced with someone who is on the same page with the policies of the Bharatiya Janata Party government in power. As per the latest rumours doing the rounds, Arundhati Bhattacharya would be the most ideal replacement. (ALSO READ: Subramanian Swamy’s attack on RBI Governor Raghuram Rajan is creating fear among global investors: FT)
Here is all you need to know about the 60-year-old veteran banker:
1. Bhattacharya has a total banking experience of 36 years. She joined the SBI first in 1977, when she was appointed as probation officer.
2. In 2013, she was elevated to the post of Managing Director. Upon taking up the top job, she has consistently took efforts to improve the financial condition of public sector bank.
3. In 2015, Forbes included listed her as the 30th most influential woman in thew world. A year later, in the 2016 list, she was elevated to the 25th position.
4. Bhattacharya is the only Indian female who is running the affairs of an organization listed in Fortune 500 list.
5. For her exemplary banking skills, she was ranked among the Top 100 Global Thinkers in the Foreign Policy magazine. She was also named as the 4th most powerful woman in Asia by Fortune Asia Pacific.
6. Bhattacharya has been one of the most leading voices who have demanded the Centre to give public banks more power to deal with bad loans. In a recent interview with Live Mint, she said, “You have to go to war with a sword and a shield. You cannot go to war with bare hands,” referring to the steps which are required to bring down the amount of NPAs (non-performing assets).