Rajan to step down

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Rajan to step down
New Delhi, June 18: Buffetted 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 nation’s loss.
Ruing 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-holds barred attack on him recently accusing him of destroying economy with his hawkish stance on interest rates.
Swamy had also questioned whether Rajan was “mentally, fully Indian” as he holds a US Green Card, among other allegations.