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<keyword id="64190" type="POSITION" weightage="100" keywordseo="RBI-Governor">RBI Governor</keyword> <keyword id="6358908" type="PERSON" weightage="100" keywordseo="Raghuram-Rajan">Raghuram Rajan</keyword>, in a letter to <keyword id="30067" type="ORGANIZATION" weightage="100" keywordseo="RBI">RBI</keyword> employees on Saturday, said that he would go back to Chicago to continue his academic career after completion of his three-year term as central bank chief on September 4. 
 
As the nation expressed sadness at Rajan's decision to not seek a second term, a few politicians also came out and commented on the same- 

	 
	<keyword id="6355261" type="POSITION" weightage="100" keywordseo="Finance-minister">Finance Minister</keyword> <keyword id="42575" type="PERSON" weightage="100" keywordseo="Arun-Jaitley">Arun Jaitley</keyword>

	Government appreciates good work done by RBI Governor Raghuram Rajan and respects his decision, said Finance Minister Arun Jaitley. 
	 
<blockquote class="twitter-tweet" data-lang="en">
	
		The Government appreciates the good work done by him and respects his decision. A decision on his successor would be announced shortly.(2/2)
	— Arun Jaitley (@arunjaitley) <a href="https://twitter.com/arunjaitley/status/744162831575162880">June 18, 2016</a> 
	&#xa0;</blockquote>
Senior Congress leader <keyword id="43940" type="PERSON" weightage="100" keywordseo="P-Chidambaram">P Chidambaram</keyword>

	“I am disappointed and profoundly saddened by the decision of Dr Raghuram Rajan to leave the RBI on completion of his term on September 4, 2016, but I hasten to add that I am not surprised at all,” said Senior Congress leader P. Chidambaram.

	He further added, “As I had said sometime ago, this government did not deserve Dr Rajan. Nevertheless, India is the loser.”

	However there was one person who was happy with the announcement and it was none other than BJP Leader, <keyword id="6370187" type="PERSON" weightage="100" keywordseo="Subramanian-Swamy">Subramanian Swamy</keyword>.
 BJP MP Subramanian Swamy, who ran a tirade against RBI Governor Raghuram Rajan, on Saturday said the Reserve Bank head is a government employee and is not selected on the basis of popular vote. 

	“Raghuram Rajan is an employee of the Government of India. We don’t select employees on the basis of popular vote,” he said, reacting to Mr. Rajan’s decision not to take a second term.

	“Let him pretend that he is giving up and going. As long as he is going, it is good,” Swamy further added.

	In a series of letters to Prime Minister <keyword id="6354477" type="PERSON" weightage="100" keywordseo="Narendra-Modi">Narendra Modi</keyword>, Mr. Swamy had demanded dismissal of Mr. Rajan, arguing that he is not “fully mentally Indian” and had been sending confidential and sensitive financial information around the world.

	 
	 
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Here’s what Arun Jaitley and Subramanian Swamy had to say regarding RBI Governor Raghuram Rajan not seeking second term

RBI Governor <keyword id="6375119" type="UNKNOWN" weightage="20" keywordseo="Urjit-Patel">Urjit Patel</keyword> gets a little over Rs 2 lakh as salary and has not been provided with any supporting staff at his residence, the central bank has told an agency. 
 <keyword id="6362344" type="PERSON" weightage="20" keywordseo="Patel">Patel</keyword>, who took over as RBI Governor in September, is presently in possession of the bank's flat (Deputy Governor's flat) at Mumbai, it said. "No suppo<keyword id="6356198" type="ORGANIZATION" weightage="20" keywordseo="RTI">rti</keyword>ng staff has been provided to the present Governor, Urjit Patel at his residence. Two cars and two drivers have been provided to the present Governor," RBI said in reply to an RTI query. 
 The bank was asked to provide details of remuneration given to former RBI Governor <keyword id="6358908" type="PERSON" weightage="20" keywordseo="Raghuram-Rajan">Raghuram Rajan</keyword> and incumbent Patel. 
 For the month of October -- the first full month Patel was in office as Governor -- Patel got Rs 2.09 lakh as his salary, the same amount drawn by <keyword id="6355561" type="PERSON" weightage="20" keywordseo="Rajan">Rajan</keyword> as his August's salary. Rajan demitted office on September 4, and was given Rs 27,933 as remuneration for four days. 
 
Rajan assumed the charge of RBI Governor from September 5, 2013 at a monthly salary of Rs 1.69 lakh. His salary was revised to Rs 1.78 lakh and Rs 1.87 lakh respectively during 2014 and March 2015. His salary was hiked to Rs 2.09 lakh from Rs 2.04 lakh in January this year, the RTI reply said. 
 
Rajan was provided with three cars and four drivers. "One caretaker and nine maintenance attendants were posted as supporting staff in the bungalow provided by the bank to the former Governor Raghuram Rajan at Mumbai," RBI said. 
 
The Centre has recently declined to share details on appointment of Patel and other candidates shortlisted for the top post in the central bank saying these are "cabinet papers" and cannot be made public. 
 
Patel was on August 20 named as RBI's Governor to succeed Rajan.

Here’s the monthly
salary of RBI governor Urjit Patel

Nearly 60,000 people want Reserve Bank of India (<keyword id="30067" type="ORGANIZATION" weightage="100" keywordseo="RBI">RBI</keyword>) Governor <keyword id="6358908" type="PERSON" weightage="100" keywordseo="Raghuram-Rajan">Raghuram Rajan</keyword> offered an extension, according to <keyword id="794843" type="COMPANY" weightage="100" keywordseo="Change-org">Change.org</keyword> , an online petition platform. 
 
This is perhaps for the first time in the RBI's history that a public petitioning is happening on whether the incumbent governor should be given a service extension. Rajan's term ends in September. 
 Rajesh Palaria's petition to Prime Minister <keyword id="6354477" type="PERSON" weightage="100" keywordseo="Narendra-Modi">Narendra Modi</keyword> that has garnered 58,262 supporters. In his petition, Palaria, as an Indian citizen drew Modi's attention to Rajan, saying he has been doing great job by balancing and maneuvering the Indian economy. 
 "I was recently noticing how Shri <keyword id="6370187" type="PERSON" weightage="100" keywordseo="Subramanian-Swamy">Subramanian Swamy</keyword> has been bullying and threatening him at large. I request all of my fellow citizens to sign this petition and seek Modi to depute Raghuram Rajan for second term as <keyword id="64190" type="POSITION" weightage="100" keywordseo="RBI-Governor">RBI Governor</keyword>. He is very crucial for India Growth Story now," Palaria said in his petition. 
 
As to the reason for starting the petition, Palaria said harsh words were spoken about Rajan with a strong hint of prejudice and malice which he did not approve of. 
 
"I had never in my wildest dreams thought of making this far, all I wanted was to calm down my nerve which was being disturbed by the bullying rhetoric; posting this petition was only to make myself complacent," he added. 
 
Echoing his thoughts, Deepak Venkateswaran, whose petition got 55 supporters, termed Rajan as a man way ahead of his time in thinking and knowledge. 
 
"His overhaul of the RBI and his boldness in taking decisions may it be to maintain the stability of the rupee; or stabilising the macro-economy of India is truly commendable," Venkateswaran said in his petition. 
 
There also were petitions against giving Rajan an extension but they gained very few supporters. 
 
In his petition that got 22 supporters, Ajay Paul Jagga said there should be no second term for Rajan as he holds a US green card. 
 
Residents of India, definitely feel as to why we can't find a single Indian resident for this job. It is will be a great and patriotic step if an Indian citizen and permanent resident is appointed as RBI Governor," he said. 
 
Arguing his case against Rajan's second term, Lokesh Rastogi whose petition garnered 16 supporters, asked how the economy would grow if RBI Governor didn't work at the same pace and direction as the government. 
 
What the country needs is a new governor with a positive approach towards the economy and growth of the country and with different and modern ideas. The old theory of economics that to control inflation reduce the availability of money and increase the interest rate now doesn't work," he said. 
 
"In a growing country to fight the inflation we need to increase production, create jobs and increase the income of people. Raghuram Rajan is a student of old school of thoughts and need to changed without delay. If there would have been a different governor the interest rate would have lower by atleast 1-2 per cent then the prevailing rates which would have resulted with a boom in the economy," he said in his petition. 
 
 
Image credit: Indiatimes

Nearly 66,000 people signed a petition that asks for RBI Governor Raghuram Rajan's second term

<keyword id="6358908" type="PERSON" weightage="20" keywordseo="Raghuram-Rajan">Raghuram Rajan</keyword> is one name that we only heard of when the Reserve <keyword id="6355303" type="CITY" weightage="20" keywordseo="Bank-of-India">Bank of India</keyword> policies and cuts were being discussed. But today, he is in news for some other reason, which is the threat email that the <keyword id="64190" type="POSITION" weightage="20" keywordseo="RBI-Governor">RBI governor</keyword> has received on his personal email id. 
 

	A top Home Department official told PTI, “RBI Governor Raghuram Rajan has received a threatening e-mail following which his security has been stepped up.” 
	 

	"The said letter was received a few days back. We have taken note of it and the RBI Governor's security has been beefed up," Maharashtra's Additional Chief Secretary (Home) K P Bakshi told PTI. 
	 

	While the content of the email hasn’t been revealed yet, but speculations doing round suggest that it could also be a mischief by someone. 

	The cyber crime investigation cell of police is looking into the matter and trying to trace the origin of the e-mail, the PTI report further added. 

	 
	(Image credits: itimes.com)

Is Raghuram Rajan’s life in danger? Cyber Cell is investigating the case

<keyword id="1895647" type="ORGANIZATION" weightage="20" keywordseo="RBI-Governor-Raghuram-Rajan">RBI Governor Raghuram Rajan</keyword> has many times expressed displeasure over not passing on rate cuts to borrowers to which banks cite <keyword id="52764" type="UNKNOWN" weightage="20" keywordseo="Liquidity-crunch">liquidity crunch</keyword> as the reason. 
 To make sure banks follow the <keyword id="3224283" type="UNKNOWN" weightage="20" keywordseo="repo-rate-cuts">repo rate cuts</keyword>, Rajan will be meeting the bankers to discuss the liquidity issue. 
 
Rajan wants to make sure that banks implement 125 basis point rate cut. 
 
While the RBI says it has sufficient cash in the system, banks have an opposite theory to tell. 
 
Banks say they are forced to borrow an average of more than Rs 1.3 lakh crore from RBI to conduct day-to-day operations. 
 
RBI has been persuading banks to clear bad loans, adding the banks should manage their positions better. 
 
(Image: Indiatimes)

Rajan doesn’t want to hear excuses on rate cuts, to take up liquidity issue with bankers

<a href="http://www.businessinsider.in/searchresult.cms?query=raghuram+rajan&amp;sortorder=effectivedate">RBI Governor Raghuram Rajan</a> is donning a hat of a quiz master. Rajan along with <a href="http://www.businessinsider.in/searchresult.cms?query=rbi+governor+raghuram+rajan&amp;sortorder=effectivedate">Reserve Bank of India</a> officials and economists will quiz some students on the RBI policy. 
 The '<keyword id="3311541" type="UNKNOWN" weightage="20" keywordseo="rbi-policy-challenge">RBI Policy Challenge</keyword>' is a RBI-sponsored national level competition and targets undergraduate and postgraduate students of any discipline of the state/central universities or institutes of excellence such as <a href="http://www.businessinsider.in/searchresult.cms?query=IIT&amp;sortorder=effectivedate">IITs</a> and IIMs. 
 
A number of events are scheduled during the competition, which is held annually, and tests essay-writing, problem-solving and presentational skills of the participants. 
 
A <a href="http://www.businessinsider.in/searchresult.cms?query=monetary+policy&amp;sortorder=effectivedate">monetary policy</a>-related topic would be assigned to all teams who will be required to make a 15-minute presentation before a select panel headed by Rajan. 
 
The winning team will get a trophy and Rs 1 lakh plus an opportunity to intern with the RBI for three months.

When Raghuram Rajan turned a quiz master

<keyword id="1895647" type="ORGANIZATION" weightage="20" keywordseo="RBI-Governor-Raghuram-Rajan">RBI Governor Raghuram Rajan</keyword> maintained status quo and kept the <keyword id="2177983" type="UNKNOWN" weightage="20" keywordseo="repo-rate-unchanged">repo rate unchanged</keyword> at 6.75% and CRR at 4% 
 
While addressing mediapersons, Rajan said the momentum of growth was slow over mid term and was expected to gradually gain pace by the end of FY17. 
 RBI kept the GVA forecast at 7.4% with downward bias and said that January target of CPI <keyword id="22195" type="COMPANY" weightage="20" keywordseo="Inflation">inflation</keyword> ‘should be met’. 
 
Rajan said the growth was slow owing to stalled projects, dampened exports and sluggish external demand. 
 
Meanwhile, bank rate and MSF rate were also unchanged 7.75%. 
 
The pay panel recommendations were not factored in.

RBI maintain status quo, says growth will gradually strengthen by the end of FY17

<div class="KonaFilter image-container display-table float_right"><div><div class="image on-image"><a href="http://pictures.reuters.com/C.aspx?VP3=SearchResult&amp;VBID=2C04WN5XZ3KPL&amp;SMLS=1&amp;RW=1357&amp;RH=885">Shailesh Andrade/Reuters</a>Minister of Finance Arun Jaitley (L) and outgoing Reserve Bank of India Governor Raghuram Rajan (R)</div></div></div>Raghuram Rajan, the governor of the Indian central bank, <a href="http://www.businessinsider.com/r-indian-central-bank-chief-felt-undermined-in-weeks-before-quitting-sources-2016-6">announced last weekend</a> that he will be stepping down in September at the end of his first term - an abrupt decision that took the Indian government by surprise.The announcement also unsettled investors and the market, and <a href="http://www.businessinsider.com/fx-markets-june-20-2016-6">the rupee tumbled</a> following the news. Now comes the speculation about who will be the next Reserve Bank of India (RBI) governor - and what the potential risks and implications of each are. The Times of India reports that the government has already <a href="http://timesofindia.indiatimes.com/business/india-business/Government-shortlists-4-candidates-to-succeed-Raghuram-Rajan-as-RBI-governor/articleshow/52935959.cms?">narrowed the list of candidates</a> down to four - a current deputy governor of the RBI, two former deputy governors, and the chair of the State Bank of India. The current deputy governor, Urjit Patel, represents the smoothest transition and is the least risky choice, according to a new report from Capital Economics. In general, an appointee with experience at the RBI would provide the most continuity, and Patel's history would be regarded the most positively by the markets.Arundhati Bhattacharya, on the other hand, is the chair of the State Bank of India - the only candidate currently working in the banking sector as well as the only female candidate. Her appointment would involve more uncertainty about how closely aligned the bank would be with Rajan's current monetary policy views, which could be risky for financial markets.The biggest threat to India's markets, according to the Capital Economics report, is the autonomy of the RBI, as there have been concerns over the past 18 months that the government is attempting to rein in the RBI's independence. High-ranking officials have criticized Rajan for keeping interest rates too high and have called for rate cuts. If the new governor were to cut rates suddenly, or compromise the RBI's independence from the finance ministry, markets could react badly.The fact that the list of candidates is made up of economists, as opposed to government officials, sends a reassuring message to the markets. <a href="http://economictimes.indiatimes.com/news/economy/policy/government-likely-to-appoint-an-economist-to-succeed-raghuram-rajan-as-rbi-governor/articleshow/52930512.cms">The Economic Times wrote that</a> "The government feels appointing an economist will send a strong signal to the international community and address concerns over the RBI's monetary policy independence." The successor is expected to be announced in the next month, putting an end to the speculation and hopefully restoring the market. <div class="margin-top"> <h3>NOW WATCH: <a href="http://www.businessinsider.com/how-plucking-nose-hairs-can-cause-lethal-infections-2016-6">There's a 'danger triangle' on your face that could kill you if you're not careful</a></h3> <div> <div> <div class="ooyala-video-player" data-video-autoplay="false" data-video-id="5hbDg1NDE6VPzJFT9U12Yu26BsdIvnPg" data-player-variable="ooyalapopvideo" id="ooyalaplayer_popvideo" style="width:1280px;height:720px"></div> </div> </div> </div>

The Indian government has to find someone soon to replace the head of the central bank

RBI’s outgoing Governor <keyword id="6358908" type="PERSON" weightage="20" keywordseo="Raghuram-Rajan">Raghuram Rajan</keyword> kept the <keyword id="2177983" type="UNKNOWN" weightage="20" keywordseo="repo-rate-unchanged">repo rate unchanged</keyword> at 6.50 per cent and even the Cash Reserve Ratio (CRR) was not moved at 4 per cent. 
 
The Reserve Bank of India (RBI) took an accommodative stance but was hawkish on inflation. The uptick in inflation was due to rising prices of vegetables, fruits and pulses. 
 
The retail inflation measured by the Consumer Price Index (CPI) rose to nearly two-year high in June, driven by increase in food and vegetable prices. 
 
READ ALSO: RBI’s outgoing Governor Raghuram Rajan holds interest rates at 6.50% in his last policy review 
 This is the last <keyword id="6357126" type="ORGANIZATION" weightage="20" keywordseo="monetary-policy">monetary policy</keyword> of Rajan, whose term expires on September and will be taking up academia in the US. 
 In his last policy review, Rajan spoke about liquidity, non-performing assets, <keyword id="6354679" type="ORGANIZATION" weightage="20" keywordseo="GST">GST</keyword> inflation etc. 
 
Here are the main takeaways from Rajan’s last monetary policy 
 
Inflation: The RBI statement read that the recent sharper-than-anticipated increase in food prices pushed up the projected trajectory of inflation over the rest of the year. Moreover, prices of pulses and cereals are rising and services inflation remains somewhat sticky. But, indication are there of them edging down. “Impact of good monsoons will also be helpful,” said Rajan. 
 
Seventh Pay Commission: The implementation of the 7th Pay Commission recommendations will affect the magnitude of the direct effect of house rents on the CPI. The CPI risks will be tilted to the upside. 
 
Goods and Services Tax (GST): The RBI stated the passage of the GST Bill augurs well for growing political consensus for economic reforms. “While timely implementation of GST will be challenging, there is no doubt that it should raise returns to investment across much of the economy,” said Rajan. 
 
Momentum of growth: RBI stated the momentum of growth is expected to be quickened by the normal monsoon raising agricultural growth and rural demand, as well as by the stimulus to consumption spending that can be expected from the disbursement of pay, pension and arrears following the implementation of the 7th Pay Panel. 
 
Non-Performing Assets: Rajan said the RBI was comfortable with the way banks were taking up the issue. He said banks know what to do and RBI has many schemes for NPAs. It all depends on the banking system and Rajan said they are doing their bit. 
 
Rate transmission: Rajan said once there is liquidity, banks will pass on the rate cuts. Rajan said banks will also have to clean up bad debts to pass on the rate efficiently

Here are 6 key takeaways from Raghuram Rajan’s ultimate policy review

There are seven candidates on a long list to replace Reserve Bank of India Governor <keyword id="6358908" type="PERSON" weightage="100" keywordseo="Raghuram-Rajan">Raghuram Rajan</keyword>, a senior government official told Reuters on Saturday. 
 The candidates are Vijay Kelkar, Rakesh Mohan, Ashok Lahiri, Urjit Patel, <keyword id="6379603" type="PERSON" weightage="100" keywordseo="Arundhati-Bhattacharya">Arundhati Bhattacharya</keyword>, Subir Gokarn and <keyword id="46928" type="PERSON" weightage="100" keywordseo="Ashok-Chawla">Ashok Chawla</keyword>, the official said, speaking on condition of anonymity due to the sensitivity of the matter. 
 Of the field, the two best known are Patel, now a deputy governor of the <keyword id="30067" type="ORGANIZATION" weightage="100" keywordseo="RBI">RBI</keyword>, and Bhattacharya, who is chair of State Bank of India, the country's largest bank. 
 
The others are veterans of the RBI, the Indian civil service or the two major global financial bodies, the International Monetary Fund or World Bank. 
 
Image credit: Indiatimes

Who will replace Raghuram Rajan as RBI Governor?

The <a href="http://www.businessinsider.in/searchresult.cms?query=rbi+governor+raghuram+rajan&amp;sortorder=effectivedate">Reserve Bank of India</a> cut the repo rate by 25 basis points to 6.50 per cent and left CRR unchanged at 4 per cent. 
 
<a href="http://www.businessinsider.in/searchresult.cms?query=raghuram+rajan&amp;sortorder=effectivedate">RBI Governor Raghuram Rajan</a> retained the "accommodative" stance. 
 
In all, Rajan reduced repo rate by 125 bps in 2015. However, banks have failed to pass on the same, complaining of tight liquidity in the financial system. 
 
It also increased the reverse repo rate to 6 per cent. 
 RBI got room to cut rates after <keyword id="22195" type="COMPANY" weightage="20" keywordseo="Inflation">inflation</keyword> eased to 5.18 percent in February and the Indian government kept borrowing and spending in check. 
The RBI is focussed on attaining inflation targets - aiming for around 5 percent by March 2017, and 4 percent in the medium term.

RBI cuts repo rate by 25 bps to 6.50 per cent, CRR
unchanged

Finance Minister <keyword id="42575" type="PERSON" weightage="20" keywordseo="Arun-Jaitley">Arun Jaitley</keyword> today said he does not approve of "personal comments" against anyone including the <keyword id="30067" type="ORGANIZATION" weightage="20" keywordseo="RBI">RBI</keyword> Governor Raghuram Rajan. 
 His comment comes shortly after BJP MP <keyword id="6370187" type="PERSON" weightage="20" keywordseo="Subramanian-Swamy">Subramanian Swamy</keyword> stepped up his tirade against Rajan. 

	Jaitley said: "I don't approve of personal comments against anyone, let alone the RBI Governor."
 

	The Reserve Bank, he said, is an important institution which makes its own judgement. 
 

	"One can agree or disagree with their judgment, but that's a debate on issues. But I don't think we should allow a public discourse where instead of debate on issues we concentrate on debate on persons," he further added. In separate letters to Prime Minister <keyword id="6354477" type="PERSON" weightage="20" keywordseo="Narendra-Modi">Narendra Modi</keyword> within a fortnight, Swamy has sought immediate dismissal of the RBI Governor alleging that Rajan was "mentally not fully Indian" and has "wilfully" wrecked the economy by keeping interest rate high. 

	Swamy also accused Rajan of sending confidential and sensitive financial information around the world. 
 

	Meanwhile, Jaitley said RBI and the government are in continuous dialogue and that relationship will continue. 
 

	"And I hope from the later part of this year, the Monetary Policy Committee will get into action and therefore, both the bank and the government nominees will have to sit together and decide monetary policy," he said. 
 

	Rajan's tenure is scheduled to end in early September.

You Searched For "RBI Governor Raghuram Rajan" and got 12 results

Here’s what Arun Jaitley and Subramanian Swamy had to say regarding RBI Governor Raghuram Rajan not seeking second term

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Nearly 66,000 people signed a petition that asks for RBI Governor Raghuram Rajan's second term

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Is Raghuram Rajan’s life in danger? Cyber Cell is investigating the case

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Rajan doesn’t want to hear excuses on rate cuts, to take up liquidity issue with bankers

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When Raghuram Rajan turned a quiz master

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RBI maintain status quo, says growth will gradually strengthen by the end of FY17

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The Indian government has to find someone soon to replace the head of the central bank

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Here are 6 key takeaways from Raghuram Rajan’s ultimate policy review

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Who will replace Raghuram Rajan as RBI Governor?

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RBI cuts repo rate by 25 bps to 6.50 per cent, CRR unchanged

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Arun Jaitley says he disapproves personal attacks on Raghuram Rajan

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