Rexit LIVE: Badgered by political attacks, RBI Governor Raghuram Rajan on Saturday said no to a second term in the post, in a surprise announcement putting at rest all speculation over his continuance.
“… 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,” Rajan said in a message to the RBI staff on Saturday.
Raghuram Rajan also rued that his work was “yet to be completed” on two significant matters — containing inflation and cleaning up the books of banks — and he “was open to seeing these developments through”. Here we list the top reactions to Raghuram Rajan’s retirement announcement.
12:56 pm: No search panel will be set up for new RBI Governor; Government to announce Raghuram Rajan’s successor well in advance: Sources.
12:27 pm: There is no dearth of talent in India. Governor Raghuram Rajan has set a good base and new governor will continue that: Dharmesh Mehta on RBI Governor Raghuram Rajan’s exit.
11:52 am: Governor Raghuram Rajan built policy credibility over past 3 years: Standard Chartered Bank to CNBC TV 18 on RBI Governor Raghuram Rajan’s exit.
11:42 am: No Governor is a yes man. RBI is an independent institution. Rajan’s policies were correct & have to be followed: Rakesh Jhunjhunwala on RBI Governor Raghuram Rajan’s exit.
11:22 am : From rating prospective, policies are more important than personalities: Fitch on RBI Governor Raghuram Rajan’s exit.
10:32 am: Look forward to the appointment of a strong governor. Conducive policy and interest rate regime should support economy: CII on RBI Governor Raghuram Rajan’s exit.