Raghuram Rajan not to seek second term as RBI Governor

Raghuram Rajan not to seek second term as RBI Governor: In a surprise move that sent ripples across the financial sector, Governor of the Reserve Bank of India Raghuram Rajan announced on Saturday that he would not continue to head the central bank after...


Excerpts:

"In a surprise move that sent ripples across the financial sector, Governor of the Reserve Bank of India Raghuram Rajan announced on Saturday that he would not continue to head the central bank after his term expires on September 4.
Mr. Rajan announced his decision to RBI employees via an email which was published on the central bank’s website for ‘wider dissemination’. This is the first time during Dr Rajan’s tenure that his communication to staffers has been made public.
“I want to share with you that I will be returning to academia when my term as Governor ends on September 4, 2016,” he wrote and said the decision was taken after consultation with the government.
“I will, of course, always be available to serve my country when needed,” the former IMF chief economist, who is credited with forecasting the global financial crisis of 2008, said."
My VIEW:
Let us wish Dr Raghuram Rajan success in all his endeavors during his residual tenure in RBI and his post-RBI life whenever it starts! RBI, as an institution, has accepted external leadership at the top and for the RBI family, the presence of three to four 'outsiders' as Governor and his deputies was a matter of pride and confidence. These birds of passage have benefited by their stay at Mint Road, as much as the institution has gained from their leadership and guidance. All governors, without exception, have imbibed the institutional culture once they entered the sanctum sanctorium and have tried to protect the mandate contained in the preamble of the RBI Act 1934. Let us credit Dr Rajan with doing this in the media glare and with a grace which is in his blood and the self-aquired professional expertise. If the political leadership refuses to understand the benefits of ensuring continuity at the top in institutions like RBI and GOI is not able to convince Dr Rajan that individual views expressed by Swamys do not represent nation's will,  the loss is for India.
M G Warrier

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