RAGHURAM RAJAN'S NEW BRAIN-TRUST Raghuram Rajan has inducted several new people in various committees, which will oversee a host of critical issues ranging from issuance of new bank licences to a new monetary policy framework as well as financial inclusion. In what is being seen as a move to induct new but vastly experienced people into policy making and the regulation framework, Rajan has tried to balance the need for new thoughts and experience. RBI watchers say these appointments represent a significant step forward in central banking governance and policy actions. Here is a brief snapshot of 10 of these personalities.

USHA THORAT C B BHAVE NACHIKET MOR Director, CAFRAL (Centre for Former Sebi chairman Director, Central Board of RBI Advanced Financial Research As the former Sebi chairman, C B He is perhaps the most unsung of and Learning), former RBI Bhave instituted several changes bankers, but Nachiket Mor has deputy governor. in the way financial products like made a substantial contribution to A seasoned banker with four mutual funds were sold in the the social sector over the years decades of experience with RBI, country by abolishing entry load. having made a successful she has done pioneering work on He also was instrumental in transition from a thriving key policies for growth, especially setting up the dematerialisation corporate career. At the helm of rural credit and financial processes at NSDL and making a Care India, which works among inclusion. She has represented RBI seamless transition into demat poor women, Mor wants to make on the Basel Committee on trading. financial services and health care banking supervision. accessible to everybody.

P J NAYAK BINDU ANANTH ROOPA KUDVA Veteran banker President, IFMR Trust Managing director & CEO, Crisil A former bureaucrat-turned- She founded the Centre for Micro Having started the concept of SME banker, P J Nayak is best known Finance, IMFR, a private trust rating in India, Crisil has since for building UTI Bank, now known whose mission is to ensure that become the world's largest SME as Axis Bank, which has an every individual and organisation rating company. Kudva believes a enviable retail franchise and has complete access to financial lot in financial inclusion and strong business. He was also services. Over the years, Ananth towards this, she launched the entrusted with the cleaning up of has worked extensively in the Crisil Foundation and initiatives the mess at UTI, and was against microfinance area and was a key like Pragati, and the Financial splitting the position of chairman member of ICICI Bank's product Inclusion Index that measures the and managing director in banks. development group in rural progress of financial inclusion all finance business. over India.

ZIA MODY VIKRAM PANDIT BHARAT DOSHI Managing partner, Former CEO, Citigroup Chairman, Mahindra & AZB & Partners When the Indian-born banker Mahindra Financial Services As India's leading corporate took over the reigns of Citigroup, For the M&M group, the one man lawyer, Mody has played a key little did he know that the firm behind its transformation into a role in several of India Inc's would be roiled by the Lehman diversified business conglomerate overseas and domestic crisis and the aftermath of a is Bharat Doshi. He has always acquisitions. An alumnus from liquidity squeeze. Pandit steered adhered to the spirit of the rule Harvard Law School, she has this banking giant through this book, and his contribution to the carved her name for herself difficult period, worked for two financial services industry and despite being the daughter of years for a salary of $1, and growth of NBFCs in the eminent former Attorney-General bought Citigroup back into development of the rural of India, Soli Sorabjee. profitability. economy has been immense.

PETER J MONTIEL, professor of economics at US-based Williams College As an author of several books and papers on macroeconomics and financial integration, Peter Montiel is perhaps the first foreign-origin member in any of RBI's working committees. His vast experience on emerging market economies and integration of monetary policy should serve as a huge plus for Indian policy-makers.

The members of the various committees | Michael D Patra, principal adviser, dept of formed after Raghuram Rajan took over as monetary policy) RBI, member secretary RBI governor Committee on comprehensive financial The new banking licence committee services for small businesses and | Chairperson: Bimal Jalan, former RBI low-income households governor | Chairman – Nachiket Mor, director on | Usha Thorat, former RBI deputy governor Central Board of RBI | C B Bhave, former Sebi chairman | Bindu Ananth, president, IFMR Trust | Nachiket Mor, director on Central Board | Prakash Bakshi, chairman, Nabard of RBI | Bharat Doshi, chairman Mahindra & Monetary policy framework committee Mahindra Financial Services | Chairman, Urijit Patel, deputy governor, | A P Hota, MD, National Payments RBI Corporation of India | Deepak Mohanty, RBI executive director | Sunil Kaushal, CEO, Standard Chartered | P J Nayak, veteran banker Bank India | Chetan Ghate, associate prof (economics | Roopa Kudva, MD & CEO, Crisil and planning unit), Indian Statistical Inst | Zia Mody, managing partner, AZB | Peter J Montiel, professor of economics at | S S Mundra, CMD, Bank of Baroda US-based Williams college | Vikram Pandit, former CEO, Citigroup | Sajjid J Chinoy, chief economist and | Ramesh Ramnathan, Chairman, executive director, JP Morgan Janalakshmi Financial Services | Rupa Nitsure, Bank of Baroda, chief | Shikha Sharma, MD and CEO, Axis Bank economist | A Udgata, principal, chief general | Gangadhar Darbha, executive director, manager, RBI Nomura Securities