The government needs to now put in efforts to strengthen the recovery process, he feels.
There is little scope for significant monetary easing even in the next fiscal year.
To the question on what comes first, clean up or growth, Rajan said the answer is unambiguously 'Clean up!'
Onno Ruhl said it is imperative to have a favourable global environment in addition to the domestic advantages.
Bank of India has become the first state-run lender to allow withdrawal of funds to individuals from its ATMs without an account in the bank.
Providing access to unbanked areas in the country has been high on the agenda of RBI, as almost 40 per cent of the population doesn't have a bank account.
A number of industrial countries are now resorting to populism and this has its own set of political implications.
Concerned over banks hiding their actual NPA numbers, RBI Governor Raghuram Rajan on Tuesday said the central bank is "increasingly turning towards taking action" on such divergences.
With September 11's rise, has appreciated 5.5% in just a week
Raghuram Rajan on February 2 left the key interest rate unchanged.
Subramanian Swamy now wants Arvind Subramanian sacked.
RBI, govt steps to help banks end NPA woes by Mar'17: Rajan
'The government should act proactively to instil confidence in the private investors, and also boost the purchasing power of people directly or indirectly by ensuring minimum wages.'
With the setting of MPC, the interest rate setting powers would move from RBI Governor to the panel.
Reserve Bank Governor Raghuram Rajan on Thursday said the central bank will continue its focus on taming inflation, speeding up resolution of distressed projects and ensuring enough capital for banks through balance sheet clean-up.
Upside risks to inflation persist from higher growth and expansive govt spending.
Rajan said that central banks should not ignore global responsibilities.
Raghuram Rajan's decision to go back to academics might spell short term negativity for the stock, currency and bond markets.
RBI has intervened throughout this year to prevent rupee strength although it has also stepped in at times of excessive weakness.
Swamy now wants Arvind Subramanian, one of the front runners for the post of the new RBI governor to be sacked.
'It will be interesting to see how Dr Patel handles gadflies with the maturity of egregiously petulant three year olds.' 'That Dr Patel does not, in so far as we can tell, cause society matrons to gush like hormonal teenagers can only be a good thing for him.' 'Look where their febrile imaginations and breathless prose took his predecessor.'
Here is some background on the candidates seen as potential successors to Rajan at the RBI
Rajan had overturned the majority opinion of the members and chose to hold the rates at the last monetary policy review in October.
Raghuram Rajan has described the fall in reserves as dip in valuation with appreciation of dollar against other currencies
RBI Governor Raghuram Rajan, who had predicted the 2008 financial meltdown, has said that abrupt reversal of low interest rates globally could create substantial amounts of damage and that it should be done in predictable and careful way.
The task force will look at emerging markets, technology, regulatory and monetary policies, loss of trust in financial services, and financial inclusion.
SBI is the first major bank to cut its base lending rate this year.
RBI Governor flayed easy monetary policy of central banks in advanced economies saying it is "more cause than medicine".
The Reserve Bank had submitted a list of 150 top loan defaulters who owe banks more than Rs 500 crore in a sealed cover to the Supreme Court.
IMF managing director Horst Koehler said Raghuram Rajan has been at the forefront of his work on banking and financial sector issues.
Their research paper on aid by rich nations got leaked
Raghuram Rajan explains the rationale for his policy stance and other issues.
Kumar said that while the rise in percentage of population of the deprived castes has led to increase in the quotas for SCs, STs and OBCs from 50 to 65 per cent, his government also planned to undertake a number of welfare measures for the benefit of "94 lakh families", which according to the survey lived in abject poverty.
If 2012 was a year that saw Indian bourses scripting a dramatic turnaround after the meltdown, 2013 was marked by consolidation in the first half and a new found optimism by market participants in the second half.
Rajan spoke at the Delhi Economic Conclave 2013 on 'The Agenda for the Next Five Years' in New Delhi.
There is a sharp difference between the total remuneration paid at the public sector and private sector entities
What's encouraging is that the process of unwinding some of the extraordinary steps taken in last July-August is continuing, so moreliberalisation is back on their agenda.
The immediate challenge to faster growth is to restore stability to the currency markets.
Reserve Bank of India (RBI) Governor Raghuram Rajan has set himself a target of lowering consumer inflation and is even ready to raise rates to achieve it, risking friction with the new government, if he is seen as overstepping.
Captains of the industry, including Adi Godrej and Anil Ambani, were among the early birds from India Inc to cast their votes in the financial capital.
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