A day before his exit from office, outgoing Reserve Bank of India Governor Raghuram Rajan was given a farewell from the finance ministry. Officials of the finance ministry hosted a dinner for the RBI Governor as a parting note when he came visiting to Delhi on Saturday. The dinner was attended by finance minister Arun Jaitley and other senior finance ministry officials.
Rajan, earlier in the day, made his last public speech to students of St Stephen’s college of University of Delhi, where he stressed upon the need to maintain the autonomy of India’s central bank. “The Reserve Bank cannot just exist, its ability to say “No!” has to be protected,” he said.
The outgoing RBI Governor, who will be succeeded by Urjit Patel, said that he did what best he could have done, without fear or favour and hoped that the measures the central bank took under him will stand the test of time. Rajan also made a case for clearly setting the rank of the Governor “as the most important technocrat in charge of economic policy in the country”.
Rajan’s three-year term as RBI Governor will end on Sunday. He had announced plans to join academia at the end of his term as the RBI Governor.