BREAKING: Raghuram Rajan will not accept second term as RBI Governor

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Reserve Bank of India (RBI) Governor Raghuram Rajan has ruled out the possibility of a second term as widely speculated in the media.

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The RBI posted Rajan’s message to his staff on the website.

The message said, “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. While all of what we laid out on that first day is done, two subsequent developments are yet to be completed. Inflation is in the target zone, but the monetary policy committee that will set policy has yet to be formed. Moreover, the bank clean up initiated under the Asset Quality Review, having already brought more credibility to bank balance sheets, is still ongoing. International developments also pose some risks in the short term.

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“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. ”

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