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India turns to Rajan to head central bank, confident economy will improve

Starting September 4, Raghuram Rajan will take over as head of India's central bank.

The former chief economist for the International Monetary Fund is now tasked with stabilizing the economy and preventing any serious problems from emerging, according to the Financial Times.

The changes might affect people who send money to friends and family in India, which has been described as the second fastest growing economy in the world by Finance Minister P Chidambaram, the Indian Express noted.

Despite economic concerns affected many nations, Chidambaram is confident about India's outlook.

"People should be confident…self confident and take bank loan to invest in farm sector, small industries, housing etc," he said at a bank function. "You should hope for bright tomorrow, and not worry about the slow down."

Chidambaram added that an economic slowdown has affected many countries, including the fastest growing one in the world – China. 

Rajan is also confident in India's economy, and he believes that his organization has the means to help.

"We do not have a magic wand to make the problems disappear instantaneously, but I have absolutely no doubt we will deal with them," he told Reuters in an interview.

An online money transfer is a great way to help loved ones, and support the Indian economy.

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