The RBI is expected to issue only a few bank licences after completing due diligence.
Rajan also said the RBI had reduced the current account deficit "substantially".
Raghuram Rajan said the passage of the GST Bill augurs well for the growing political consensus for economic reforms.
People who advocate a rate hike because inflation is very high, even without the food component, have in mind some developed-economy structure, Raghuram Rajan tells Business Standard in an exclusive interview.
Media has gone beyond its traditional boundaries.
Jaitley slams Rajan for MSME banking crisis statement, says postmortem is easier than action
Subramanian Swamy has been critical of Rajan for not lowering interest rates earlier to boost growth.
Rajan was expected to join the search committee to appoint three external members of a new six-member RBI Monetary Policy Committee
Benchmark indices end at a three week high but Nifty remains shy of 5,600 level.
Finance Minister P Chidambaram held informal consultations on Wednesday on possible candidates for the Reserve Bank deputy governor's post.
NITI Aayog's Rajiv Kumar accused former prime minister Manmohan Singh and senior Congress leader P Chidambaram of creating a 'false narrative'
"I think bankers have expressed some concern that they should not be held liable for actions that are taken in the full spirit of what is needed," Raghuram Rajan said.
'Democracy is India's greatest strength.'
RBI Governor Rajan on Wednesday said significant progress made in curbing current account deficit.
Former RBI governor Raghuram Rajan has asked why SEBI has not yet got to the bottom of ownership of the four Mauritius-based funds who are said to have parked 90 per cent of their $6.9 billion in Adani group stocks, saying does the market regulator need help of investigating agencies for this? The funds -- Elara India Opportunities Fund, Cresta Fund, Albula Investment Fund and APMS Investment Fund -- have been under cloud for last couple of years after allegations that they may be shell companies. They came into focus once again in January when a US short seller alleged that Adani Group used offshore shell companies to inflate stock price.
RBI Governor Raghuram Rajan on Tuesday said the government will decide on extension of his tenure.
The International Monetary Fund chief economist-designate Raghuram Rajan feels big deficits -- whether India's fiscal deficit or the United States' current account deficit -- are not sustainable in the long term.
Mr Swamy has written letters to the Prime Minister's Office asking for Mr Rajan's services to be terminated.
Rajan expressed concerns on pressures on the services front.
The Reserve Bank of India had taken steps to tighten liquidity in a bid to curb volatility in the forex market after the rupee fell to a record low of 61.21 to the dollar on July 8.
RBI Governor Raghuram Rajan plans to write on 'academic issues' after leaving the Reserve Bank.
Rajan said that demand needs to be reduced without having severe effects on investment and supply.
Rajan said the central bank has used up all its "space available" to cut interest rates
India Inc on Wednesday said it looked forward to the new RBI Governor Raghuram Rajan initiating cut in interest rates and improving credit flow to crucial sectors like infrastructure to put economy back on high-growth path.
The RBI kept its key policy repo rate unchanged at 8.0 percent in its recent monetary policy.
In 2013, India suffered its worst currency crisis in more than two decades but has regained the confidence of foreign investors in part after its current account deficit has narrowed sharply and its foreign exchange reserves hit a record high
Former Finance Minister P Chidambaram had said he was "disappointed and profoundly saddened" by Rajan's decision.
'I think the markets will move up given that there will be more money.'
The future action on rate change will depend on data said the RBI Chief.
RBI Governor Raghuram Rajan on Tuesday kept the repo rate unchanged 6.50 per cent.
Officials, however, said one person's thinking might not change the views of the institution.
'That way you're not hostage just to US sort of exports to India.'
Describing the BJP's election victory as an "astonishing triumph of Narendra Modi", noted economist Jagdish Bhagwati on Monday advised him to retain Raghuram Rajan as RBI Governor and to hold monthly press conferences to articulate the government's agenda.
Rajan's colleague in the ministry, Economic Affairs Secretary Arvind Mayaram, also expressed hope on Thursday that the central bank would vote for growth.
He called on developed countries to play their part in restoring international monetary cooperation.
Bharatiya Janata Party leader Subramanian Swamy on Sunday once again attacked Raghuram Rajan on the monetary policy, over a month after Prime Minister Narendra Modi had disapproved of his criticism of the Reserve Bank of India chief.
IMF chief said the G20 leaders need to respond to the calls for creating jobs.
India has been assigned the lowest investment grade rating with a high risk profile by various global agencies.
Rate cuts are a natural consequence that the RBI has no hesitancy in delivering.
RBI governor Raghuram Rajan says a cut in cash reserve ration will not at all impact lending rates.
