India News

Raghuram Rajan, Reserve Bank of India governor, has announced that, he is not willing to serve the second term, after his current term expires on September 4th. 

BJP leader Subramanian Swamy has recently accused Rajan of under performance, saying that, he was not fit to be RBI's Chief and is not “Indian at heart.” There are several other criticims on the international banker, which made him finally move against second term.   

"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," read Rajan's letter to his RBI team .

"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. I will, of course, always be available to serve my country when needed," the letter added.