Sir — Outgoing Reserve Bank of India Governor Raghuram Rajan, whose term ends on September 4, has said that he was open to the idea of having a two-year second term. He is indeed candid enough to admit that he wanted a second term, but on being denied one, he is set to go back to academia when he demits office early next month. This is a graceful way to go.
Undoubtedly, he was an excellent Governor who did a good job stabilising the currency from the time he took over in 2013, when the rupee had come under severe strain. Two aspects of Rajan’s tenure stand out: Not wavering from the primary duty to bottle up the inflation genie, and forcing banks clean up their bleeding balance sheets wounded by chronic bad loans.