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He could buy 2,000 dosas with the money today, but he wants more by investing. At 10% interest, he gets Rs10,000 after one year plus his principal. Say the pensioner wants to buy dosas and at the beginning of the period, they cost Rs50 per dosa. For instance, he once explained inflation and interest using the example of a dosa, the rice pancake that is a breakfast staple in southern India. Rajan explained complex economic terms using everyday examples. No wonder he has so many in his clutches. In an emergency or if the poor need to borrow on a daily basis, there are few more readily available alternatives than the moneylender. Finally, because the sahukar lives nearby and uses minimal documentation-after all, he is not going to use the courts to force repayment-loans are easily and quickly obtained. So the borrower has strong incentives to pay. Moreover, the borrower knows that if he defaults on the sahukar, he loses his lender of last resort. He is quite capable of using ruthless methods to enforce repayment.
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How does the moneylender boldly lend where no banker dares to lend? Because he does not suffer the same impediments! Coming from the local community, the sahukar is well informed on what everyone’s sources of income and wealth are, and how much they can repay.
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One of the primary motivations for the country to push financial inclusion is to free the excluded from the clutches of the moneylender. In the no-bullshit year-end message, he dived head-first, calling out the mess in RBI and asking employees to get their act together. On the last day of 2015, Rajan wrote a letter to some 17,000 RBI employees. Moreover, who will provide the patronage while the idealist is fighting the system? So why not stay with the fixer you know even if it means the reformist loses his deposit? On the rich and the famous An idealist who is unwilling to “work” the system can promise to reform it, but the voters know there is little one person can do. But perhaps the system tolerates corruption because the street smart politician is better at making the wheels of the bureaucracy creak, however slowly, in favour of his constituents. Of course, there are many politicians who are honest and genuinely want to improve the lot of their voters. For this, he gets the gratitude of his voters, and more important, their vote. The politician does a little bit to make life a little more tolerable for his poor constituents – a government job here, an FIR registered there, a land right honoured somewhere else. While the poor do not have the money to “purchase” public services that are their right, they have a vote that the politician wants. In one of his most famous speeches, he explained how corrupt politicians always win elections. Rajan has always been vocal about crony capitalism. While his speeches will be missed, here’s a collection of his snappiest and smartest quotes over the three years. Stephen’s college. ”They follow RBI governors around because they may offer market-moving information on policy,” he said. 3, during his last public speech, at Delhi’s St.
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“I do not fool myself into thinking that reporters and TV cameras follow me around everywhere because I am a magnetic speaker,” Rajan said on Sept. One of his most memorable quotes was almost 007-ish. ”My name is Raghuram Rajan and I do what I do,” he said, during one of the monetary policy reviews in 2015. As a result, governor Rajan during his tenure has literally championed both conventional and unconventional modes of communication,” Soumya Kanti Ghosh, chief economic advisor at the State Bank of India, the country’s largest lender, said in a report on Sept. “Being a wonderful listener universally makes him an excellent communicator.