Raghuram Rajan: Willing to stay, but could not reach agreement

02 Sep 2016 | Written by Sneha Johny; Edited by Mansi Motwani

With Raghuram Rajan's tenure coming to an end on Sunday, Rajan said that he was willing to stay for an extended period as RBI Governor, but talks with the government failed.

After attempting to reach an agreement with the government citing unfinished tasks, he said the talks did not culminate in an agreement.

He stated that there arose differences, leading to him stepping down.

In context: Raghuram Rajan's departure from India's Central Bank

AboutRaghuram Rajan

Raghuram Rajan is one of India's leading economists, who is currently serving as Governor for the country's central bank.

Born in Bhopal, to a Tamil family, Rajan scripted high academic achievements and soon started off his career as a professor with the the University of Chicago, after completing his PhD from MIT.

On 5 September 2013, he took over the reins as RBI's Governor.

18 Jun 2016Raghuram Rajan steps down as RBI chief

Earlier this year, Raghuram Rajan announced that he will be stepping down as RBI chief after his 3-year tenure ends on 4 September.

In a message released to the bank's staff, he stated that he wished to return to the realm of academia.

He was previously teaching finance at the University of Chicago, before taking a break for public service with the Indian government.

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Rajan expresses need to return to academia

"When I got into this job, I saw this as a three-year term. I also realized or recognized I needed to go back to academia. Too many years away from academia renders you pretty incompetent at research and teaching," Rajan said.

02 Sep 2016Raghuram Rajan: Willing to stay, but could not reach agreement

Disagreed on several issues: Rajan

"There were variety of places where differences may have been in terms of horizons and this and that. I think we just didn't reach an agreement where … remember my term came to an end, so it had to be a new term," Rajan said.
Harping on Rajan's controversial speech

02 Sep 2016Harping on Rajan's controversial speech

On further talks about Rajan's controversial speech at IIT-Delhi on intolerance in the country, he stated that media had misinterpreted his speech.

After addressing the students last year, and asking them to strive against intolerance in the current environment, many touted him to be 'anti-government'.

Rajan reiterated that his speech was not out of line, but wished to convey the message to the students.

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Rajan cites speech on intolerance as one conveying moral responsibility

"I think that is the legitimate duty, in fact the moral responsibility, of the public figure who has the attention of young minds, to tell them this is what good citizenship is about, this is where we should be going," Rajan said.

19 Sep 2016Raghuram Rajan returns to Chicago Booth School as Professor

Former RBI Governor, Raghuram Rajan, is set to teach International Corporate Finance at the University of Chicago Booth School of Business in Winter 2017.

During Rajan's tenure at the Reserve Bank of India, he was "on leave" from the Chicago University.

At the end of his tenure, Rajan in his letter wrote that his "ultimate home is in the realm of ideas."