‘My name is Raghuram Rajan and I do what I do’

“My name is Raghuram Rajan and I do what I do,” was RBI former Governor’s response to comments that he was being Santa Claus in cutting interest rate by more than expected.

Amid government and industry pressure, Rajan today cut interest rate by 0.50 per cent, double of what was broadly anticipated and the biggest in more than three years. The cut brought down repo rate to 6.75 per cent, the lowest in four-and-a-half-years.

At the press conference called to announce the fourth bi-monthly monetary policy, he was asked if he was being Santa Claus in giving more than expected or should his statement be read as hawkish.