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Raghuram Rajan calls it quits, Swamy’s another win?

Kolkata: RBI Governor Raghuram Rajan during the 549th RBI central board meeting in Kolkata on Dec 11, 2014. (Photo: IANS)

File picture: Kolkata: RBI Governor Raghuram Rajan during the 549th RBI central board meeting in Kolkata on Dec 11, 2014. (Photo: IANS)

RBI governor Raghuram Rajan has finally said that he would not serve the second term, denying the media a joy ride for two more months.

In an internal mail to RBI staff, Rajan said he would return to his academic career when his term ends on September 4. “I am an academic and I have always made it clear that my ultimate home is in the realm of ideas. The approaching end of my three-year term, and of my leave at the University of Chicago, was therefore a good time to reflect on how much we had accomplished,” he wrote.

Recollecting the accomplishments during his tenure, he said controlling inflation, 150-basis point cut in the interest rates, improving the balance sheets of banks through the Asset Quality Review, helping the government to introduce several banking reforms, restructuring state-run bank management appointments among others.

Above all, the rupee value remained more balanced and static during his term compared to a volatile period witnessed during his predecessor’s term.

The main controversy cropped up when BJP leader Subramaniam Swamy dashed off a letter to PM questioning his integrity as an Indian and accusing him of being an international banker with varied interests. Former Finance Minister P. Chidambaram even said that the Modi government does not deserve a highly talented man like Rajan, a a rare certification that no other governor received from a former finance minister.

Full Text of Raghuram Rajan's letter not seeking 2nd term

Full Text of Raghuram Rajan’s letter not seeking 2nd term

One comment

  1. ACTUALLY RAGHURAM IS VERY UNCOMFORTABLE WITH THE BAD LOANS OF RS.3LAC-CRERES IN GOVT.BANKS THE GREAT SCANDAL OF THE BRAVE-DEEDS OF THE POLITICAL-BROKERS IN CONNIVANCE WITH THE LEADERS WHO CONTROLLED UPA UNDER DUMMY,DESTROYER-DR. NOW SWAMY ENABLED HIM TO BECOME A FREE BIRD FLYING TO USA. AS NO PROPER PROBE IS DONE BY NDA-GOVT. IN ANY SCANDALS RUNNING TO SEVERAL LAC-CRORES IT HAS BECOME AN USELESS CUSTODIAN OF PUBLIC RESOURCES. NO REIMBURSEMENT OF EVEN ONE RUPPEE IN HIMALAYAN CORRUPTION CASES AND LOOT TAKEN PLACE DURING UPA

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