You will know when there is news, says Raghuram Rajan on speculation about his second term

In case he is not given an extension, Raghuram Rajan would be the first RBI Governor since 1992 to not have a five-year term

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Raghuram Rajan, the Governor of Reserve Bank of India, attends a news conference after their bimonthly monetary policy review in Mumbai, India, June 7, 2016. (REUTERS/Danish Siddiqui)

While all eyes were on whether repo rates would be changed at RBI’s second bi-monthly monetary policy statement in Mumbai, another key unavoidable question lurking in the press conference was on whether Raghuram Rajan would keep his job as the RBI governor come September.

And Rajan answered it in his own style.

“You will know when there is news. It would be cruel of me to spoil the fun the press is having,” said Rajan.

WATCH VIDEO | Breaking Down Raghuram Rajan’s Monetary Policy Statement

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He added that the government and the RBI would collectively take the decision.

Rajan’s current three-year tenure ends in September and speculation is rife about whether he would get an extension. The debate was initially spurred by Rajya Sabha BJP MP Subramaniam Swamy who openly called out for Rajan’s ouster and even wrote letters to the Prime Minister.

But since then, at least seven online petitions have surfaced, collecting more than 60,000 signatures in favour of Rajan’s second term.

WATCH VIDEO | RBI Policy: Raghuram Rajan On Stressed Assets & Transmission Of Interest Rates

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A former Chief Economist of the International Monetary Fund (IMF), Rajan is currently on leave from the Chicago Booth School of Business, where he was Professor of Finance. He was appointed RBI Governor by the previous UPA government. In case he is not given an extension, Rajan would be the first RBI Governor since 1992 to not have a five-year term.

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