India’s RBI Chief Raghuram Rajan Resigns, Industry Terms it Nations Loss
Buffeted by political attacks coupled with unending speculation over his continuance, RBI Governor Raghuram Rajan today said no to a second term in the post, a surprise decision the industry and opposition parties termed as nations loss.
Ruling that his work on containing inflation and cleaning up books of the banks was "yet to be completed", Rajan said, "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 on September 4, 2016."
Speculation has been rife over whether Rajan, former IMF Chief Economist known to have predicted the 2008 global financial crisis, would get a second term after BJP leader Subramanian Swamy launched a no...