Raghuram Rajan not to seek second term as RBI Governor

18 June, New Delhi

RBI Governor Raghuram Rajan Saturday said no to a second term, putting at rest all speculation over his continuance.

The RBI governor, in a message to the RBI staff today said that on due reflection and after consultation with the government, he decided to return to academia when his term as Governor ends on September 4th this year.

Rajan said that his work was yet to be completed on containing inflation and cleaning up the books of banks but was open to seeing these developments through. The Governor said he is confident that his successor would take the RBI to new heights.

The RBI governor has been generally hailed by the industry and experts but has been under attack from few leaders for what they call his failure to contain inflation and lower interest rates to boost economy.

Finance Minister Arun Jaitley said the government will soon announce the successor of RBI Governor Dr. Raghuram Rajan.

Jaitley’s comments came after the RBI Chief said that he will not seek a second term as the head of the central bank. In a tweet, Mr. Jaitley said the government appreciates the good work done by Dr Rajan and respects his decision.