Mumbai: Outgoing Reserve Bank deputy governor K.C. Chakrabarty on Friday termed his stint at the central bank as “very satisfactory,” but said there are certain things which still remain unaccomplished, especially on the financial inclusion front.
The commercial banker-turn-central banker, who decided to quit in March — two months before his term was to end on June 30 — citing personal commitment, is stepping down on Friday.
Some of his initiatives include stopping banks from charging prepayment penalties on mortgage loans, forcing lenders to end discriminatory pricing, interest rate deregulation on the savings accounts, and ending penalties for not maintaining minimum balance, among others.
Declining to take credit for the initiatives and changes that happened during his tenure, he said it was because of the support from former Governor D Subbarao and the present chief Raghuram Rajan that he was able to do his job.
“Ours is a very feudal system. I have no agenda. We (deputy governors) propose certain things and they become the governor’s agenda.”
However, he was quick to add that both the governors that he worked with accepted his ideas and allowed him to do his job smoothly.
