Raghuram Rajan not to seek second term as RBI Governor

In a surprise move that sent ripples across the financial sector, Governor of the Reserve Bank of India Raghuram Rajan has announced that he would not continue to head the central bank after his term expires on September 4.Mr. Rajan has announced his decision to RBI employees via an email which was published on the central bank’s website for ‘wider dissemination’. This is the first time during Dr Rajan’s tenure that his communication to staffers has been made public.