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Reserve Bank of India (RBI) Governor Raghuram Rajan revealed that he will be returning to academia after his term as Governor of RBI ends on 4 September 2016.
In a letter (below) to the employees of the bank, Rajan announced that his term in the office and his leave from the University of Chicago will come to an end this year.
Read the full statement here:
Rajan who took over the RBI in 2013, said in his letter that he feels proud to have delivered on the “proposals” he laid out before the start of his term.
His proposal included helping the government reform the process of appointing Public Sector Bank management through the creation of the Bank Board Bureau.
Interestingly, during the tenure of his appointment, Rajan attracted a large fan following in India and abroad as well as been censured by critics.
Most vocal being Subramanian Swamy who had urged Prime Minister Narendra Modi not to re-appoint Rajan. On Rajan announcing his exit, Swamy said:
However, his exit has attracted reaction from various personalities from the world of banking and politics.
Listen to Swamy’s reaction on BloombergQuint:
From the former and current finance ministers to the top brass of the banking industry to politicians have expressed their disappointment towards Rajan’s exit.
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