RBI's Rajan says he will not serve a second term

18 June 2016, 18:47
Sherif Hasan

Reuters reporting comments from the Reserve Bank of India governor 18 June 2016

Raghuram Rajan, a former chief economist at the IMF, says he will be standing down on 4 September after one term and returning to academia.

  • I will always be available to serve my country when needed

In a message to his staff, and now published on the RBI website, Rajan says:

"I am an academic and I have always made it clear that my ultimate home is in the realm of ideas.

While all that we laid out on that first day is done, two subsequent developments are yet to be completed."

Those two " developments" refer to a planned monetary policy committee and a bank clean-up.

"While I was open to seeing these developments through, on due reflection and after consultation with the government, I want to share with you that I will be returning to academia when my term as Governor ends."

Rajan is currently on leave from the University of Chicago and his continuing at the RBI has been the subjet of much conjecture as I reported here

Indian PM's office says they have no immediate comment to make.

Sounds to me like Rajan giving a big two-fingers to those who would seek to have him replaced.

RBI governor Rajan - Going but definitely not forgotten

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