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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

<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

As it turns out, <keyword id="6358908" type="PERSON" weightage="100" keywordseo="Raghuram-Rajan">Raghuram Rajan</keyword> has reportedly written to his team at the <keyword id="30067" type="ORGANIZATION" weightage="100" keywordseo="RBI">RBI</keyword> informing them of his decision to move on from being India's top banker. 
 
He has hinted in the letter that he would be moving to his former role of being a teacher in the University of Chicago, However, he expressed his willingness to serve his country whenever needed. 
 In his nostalgic and heartfelt letter, Rajan outlined his achievements during the tenure of him being the <keyword id="64190" type="POSITION" weightage="100" keywordseo="RBI-Governor">RBI Governor</keyword> wherein he created a platform of macroeconomic and institutional stability.s. 
 
Here are 10 points from Raghuram Rajan's letter to the RBI team- 
 
 
1) When I took over, India was labelled one of the 'Fragile Five' 
 
2) I laid out an agenda for action and a new monetary framework. 
 
3) We focussed on bringing inflation down and raising forex reserves. 
 
4) My plan took on the licensing of niche and general banks by committees. 
 
5) I undertook the creation of the Bharat Bill Payment system and the Trade Receivables Exchange. 
 
6) Extended payments to all through mobile phones. 
 
7) Developed a large loan database to better map distress in this area. 
 
8) Today inflation has been halved and savers earn positive interest after a long time. 
 
9) Currency has stablized and government has launched a 40 year bond for the first time. 
 
10) The new Bank Board Bureau has been instrumental in creating a structure for PSBs. 
 
Image credit: Indiatimes

READ: 10 points from Raghuram Rajan's letter to the RBI

In a first for the country, a sitting Prime Minister- in this case,<a href="http://www.businessinsider.in/searchresult.cms?query=narendra+modi&amp;sortorder=effectivedate"> Narendra Modi </a>was giving an hour long one-on-one interview to an Indian journalist working at a private news channel. 
 
And, when that journalist turns out to be one other than fiery <a href="http://www.businessinsider.in/searchresult.cms?query=arnab+goswami&amp;sortorder=effectivedate">Arnab Goswami</a>, the self-appointed voice of the nation, things are bound to get interesting. 
 But, unfortunately the interview didn’t quite have the fireworks that we were expecting and instead showed us something that we never thought was possible- a tame <keyword id="563971" type="PERSON" weightage="100" keywordseo="Arnab-Goswami">Arnab Goswami</keyword>. 
 
There’s a running joke on the internet that basically implies that Arnab Goswami actually let Modi’s answers decide his questions. While we can’t vouch for that, we can certainly say that there was a stark difference in the Goswami we are used to seeing every night at 9 pm. (Where did the yelling go? Who knew Goswami could talk?) 
 
On Modi’s part, there was much that he said that we hadn’t already heard before, but our Prime Minister was indeed candid about certain issues. 
 Here are the five most important things we learnt from <keyword id="6354477" type="PERSON" weightage="100" keywordseo="Narendra-Modi">Narendra Modi</keyword>’s interview: 
 
1. Our Prime Minister loves <keyword id="6358908" type="PERSON" weightage="100" keywordseo="Raghuram-Rajan">Raghuram Rajan</keyword> as much as we do 
 
 
 
RBI Governor <a href="http://www.businessinsider.in/searchresult.cms?query=RAGHURAM+RAJAN&amp;sortorder=effectivedate">Raghuram Rajan</a> courted controversy when he announced that he would not be continuing as the RBI Governor for the second term. <keyword id="14666" type="ORGANIZATION" weightage="100" keywordseo="BJP">BJP</keyword> Leader <a href="http://www.businessinsider.in/searchresult.cms?query=SUBRAMANIAN+SWAMY&amp;sortorder=effectivedate">Subramanian Swamy</a>, who in the past had sought Rajan’s resignation and even wrote to the Prime Minister regarding the same, even took credit for Rajan’s exit. 
 
What Indians were curious to know was PM Modi’s view on the matter, considering Swamy is from his own party. And, finally yesterday we had the answer- 
 
“I believe Raghuram Rajan’s patriotism is no less than any of ours. It will be doing injustice to him if one says that he will serve the country only if he is at a particular post. As much as I know Raghuram Rajan, whatever post he holds, wherever he is, he is someone who will continue to serve the country. He is someone who loves his country. Therefore, it's not like the nation won't get Raghuram Rajan's services, Raghuram Rajan is not that kind of a person. He is a person who loves the country. Those who speak such language are doing great injustice to him. My experience with him has been good. I appreciate the work he has done. And my good wishes will always be with him.” 
 
2. Modi also indirectly asked Subramanian Swamy from a public forum to shut it. 
 
 
 To say that <keyword id="3449506" type="UNKNOWN" weightage="100" keywordseo="subramian-swamy">Subramian Swamy</keyword> is controversy’s favourite child would be a gross understatement. But, Modi made it known on live television that he is not in favour of such behaviour. 
 
"Whether it is someone from my party or not, I believe that such things (criticism of government officials) are inappropriate. The nation won't benefit from such publicity stunts. One should be more responsible while conducting themselves. Anyone who believes he is bigger than the system is wrong," 
 
3. Black money? What black money? 
 
 
 
When Narendra Modi was elected as Prime Minister, he had basically announced that he would personally see to it that all the black money stashed away in foreign accounts would make their way back to India. 
 
But, one year later, Modi’s forgotten his promise to the nation and instead treated it as laughing matter. 
 
When Goswami asked him about the opposition’s claim that every Indian could get Rs 15 lakh in their bank account, this is what Modi had to say- 
 
"That is something the opposition raises during elections. Let them have some issue to talk about." 
 
4. Why does Narendra Modi fly out of the country so much? 
 
 
 
And, finally the answer we’ve all waited for answered by Narendra Modi, in (to everyone’s surprise) third person 
 
"The world didn't know me. The world wants to know who the head of the state is. If someone would want to know Modi through the eyes of the media, then he would be disillusioned on which Modi is the real Modi. If this happens, the country will be at a loss. Modi's personality shouldn't be a hindrance for the world to have faith in India. But for that unless I meet all those leaders and engage them them one to one, unless I speak to them frankly, they wouldn't know about India's head of state, so it was very important for me as I am not from a political family. I never had the opportunity to meet the world leaders earlier." 
 
5. Even Narendra Modi, the Prime Minister of India is scared of making jokes. 
 
 
 
When Arnab Goswami tried asking the PM whether his US speech was impromptu or not, Modi without answering a clear Yes or No added that he has a humorous side but feels that it is risky to show that side these days. 
 
On being prodded, this is what he said- 
 
“In this era of 24/7 news channels, anybody can lift a small word and make a big issue out of it. But I will tell you the truth, the reason for the absence of humour in public life is this fear. I am myself scared . Earlier when I used to make speeches, I would make it so humourous but there would never be any issues.” 
 
So has our Prime Minister become more conscious now? 
 
“I am not conscious. I am in fear, there is no humour left in public life because of this fear. Everyone is scared. I am in fear. My speeches used be humorous. I see it in Parliament, that humour is finished there too. It is a matter of concern.”

Prime Minister Narendra Modi gave an interview to
Times Now and here are the five things we learnt

<ul><li><keyword id="6358908" type="DEFINITION" weightage="20" keywordseo="raghuram-rajan">Raghuram Rajan</keyword> has been named as a member of the International Monetary Fund Managing Director's External Advisory Group.</li><li>The external advisory group to provide perspectives from around the globe on key developments and policy issues.</li><li>This will include policy responses to the exceptional challenges the world now faces due to novel <keyword id="1754604" type="PERSON" weightage="20" keywordseo="coronavirus">coronavirus</keyword> and its economic impact. </li></ul>Former Reserve Bank of India Governor Raghuram Rajan has been named as a member of the International Monetary Fund Managing Director's External Advisory Group. Accordingly, Kristalina Georgieva, Managing Director of <keyword id="6355408" type="DEFINITION" weightage="20" keywordseo="imf">IMF</keyword>, convened the new external advisory group to provide perspectives from around the globe on key developments and policy issues, including policy responses to the exceptional challenges the world now faces due to novel coronavirus and its economic impact. "Even before the spread of Covid-19 and the dramatic health, economic, and financial disruptions it has brought, IMF members confronted a rapidly evolving world and complex policy issues," Georgieva was quoted as saying in a statement. "To serve our membership well in this context, we need top-notch input and expertise from the widest range of sources, inside and outside the Fund," she said. She further said: "Today we had a dynamic discussion to gain their insights, and to receive informal reactions to our ideas and approaches." Other members of the Managing Director's External Advisory Group include Ngozi Okonjo-Iweala, former Finance Minister of Nigeria, Tharman Shanmugar Atnam, Senior Minister of Singapore and Chairman of the Monetary Authority of Singapore, Kristin Forbes, Professor, Massachusetts Institute of Technology and Kevin Rudd, former Prime Minister of Australia amongst others.

Raghuram Rajan joins IMF chief's advisory group - will provide policy responses for coronavirus impact on economy

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?

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

You Searched For "Raghuram Rajan" and got 7 results

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

BI India Bureau

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

BI India Bureau

READ: 10 points from Raghuram Rajan's letter to the RBI

Poulomi Das

Prime Minister Narendra Modi gave an interview to Times Now and here are the five things we learnt

Poulomi Das

Raghuram Rajan joins IMF chief's advisory group - will provide policy responses for coronavirus impact on economy

IANS

Who will replace Raghuram Rajan as RBI Governor?

BI India Bureau

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

BI India Bureau

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