Mumbai: Putting an end on all the speculations, RBI Governor Raghuram Rajan on Saturday said no to second term as the head of the central bank. Rajan told his RBI colleagues that he will be returning to academics after his term ends on September 4.
He said work on containing inflation, cleaning bank books is not over but he has decided to move on after ‘due reflection’ and consultation with the government. Rajan said he will always be available to serve the country and is confident that his successor will take RBI to new heights.
Rajan, who is the 23rd RBI Governor was appointed by the previous UPA government for a three-year term that began on September 4, 2013. He has been under attack from some quarters in the BJP, including its Rajya Sabha MP Subramanian Swamy, for what they say his failure to lower interest rates and boost economic growth.
He has a formidable reputation as an internationally renowned economist and is still being hailed all over the world for accurately predicting the 2008 global meltdown. No RBI Governor before him enjoyed a celebrity status like he does. His words on the economy are taken very seriously in the West.