Bhalla will succeed former RBI deputy governor Subir Gokarn, who died in the US on July 30 after a brief illness.
At a pre-Budget meeting, the FM was asked to ensure that NBFCs come out of the liquidity crisis they are facing with the help of RBI. They also spoke about the futility of trying to achieve a 3 per cent fiscal deficit target over the medium term.
'RCEP may be in India's long-term interest, but it is certainly not in India's short-term and medium-term interest.'
In cutting interest rates and giving a boost to the government's efforts to revive growth, RBI governor Raghuram Rajan displayed the pragmatism and flexibility familiar to those who work with him.