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Raghuram Rajan debunks theory of Chicago University for departure

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Raghuram Rajan, Former RBI Governor, Former chief economist, International Monetary Fund, IMF, Chicago University, Business news

New Delhi: Former RBI Governor Raghuram Rajan has debunked the theory that Chicago University’s refusal to extend his leave forced his departure, saying it was never an issue and he wanted to stay longer at the RBI to complete the unfinished task of clean-up of banks.

In an interview to news agency, he said there was no proposal from the government to continue beyond the first 3-year tenure which ended on September 4 last year.

 

 

A former chief economist at the International Monetary Fund (IMF), Rajan, is the first Governor since 1992 to not have got a five year term.

Rajan, who was appointed RBI Governor by the previous UPA government, had on several occasions run into opinion difference with the government.

The outspoken governor, who is widely credited with having anticipated the 2008 global financial meltdown a couple of years ahead of it, soon became an eyesore for many, not only because of his views on economic reforms and independence of RBI, but also on social issues.

He had courted controversy in 2015 lecture where he talked about growing intolerance in the country, deviating from his usual focus on monetary policy issues.

 

 

After his exit created a furor, quarters close to the government had stated that Rajan was offered a two-year extension but problem was his inability to get a further extension of leave of absence from the Chicago University without losing his valuable tenure.

“I can refute that completely, that was not the issue.

The university has been very good to me. They were happy to give as much leave (as I wanted),” he said.

Rajan said he did not “knock at the door” of the government to say he needed an extension but had “indicated a willingness to stay on” to address bad loans in the banking system.

Former RBI Governor Raghuram Rajan debunks theory of Chicago University for his departure:

“I had a three-year term. That was a contract I was given by the government. The three year contract came to an end.

That’s it. Now I have another job,” he said.

Stating that he wanted to stay on at the RBI to complete the unfinished task of clean up of banks that he had initiated, Rajan said having initiated the AQR (asset quality review), he thought that it was important responsibility for him to carry out the entire clean up and not leave it unfinished.

 

 

“So that was primary reason that I was open but we didn’t get to a point where there was, as I said, a contract on the table,” he said.

Asked if he felt bad about not getting the second term when his predecessors had got, he said: “I was focused on what had been accomplished and recognised that in my own personal sense much of what I wanted to do had been done.

“I would have liked some tasks completed, I would like to have seen this clean up through but if didn’t happen there are other people. There is a saying that cemeteries are full of indispensable people…so people move on.”

 

 

At one point, BJP MP Subramanian Swamy accused him of being “mentally not fully Indian” and that his inflation centric monetary policy stifled growth.

Asked if he would want to comment on Swamy’s remarks against him, Rajan said, “No.”

“I think some issues that are better not (commented on).

I think as soon as you start addressing these issues, you give it more weight than it deserves,” he said.

 

Business

Apple is giving a huge discount on its gadgets: Details inside

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If you want to buy an iPhone and were waiting for a nice offer, then we have a piece of good news for you! Amazon Summer Sale May 2022 has begun and they are offering major discounts on various smartphones, laptops, and smart TVs, among others.

The sale is live now on the e-commerce platform with no-cost EMI options and exchange discounts on various products. In addition to this, Amazon has also partnered with several banks including ICICI, Kotak Bank, and RBL so that customers get instant discounts of up to 10% using their cards and EMI transactions.

Customers can easily enjoy this summer sale and get massive discounts on iPhones. They can also compare prices on Flipkart Big Saving Days Sale 2022 before making a purchase.

 

Amazon Summer Sale May 2022: Discount offer on iPhone 13 

Apple’s coveted phone model iPhone 13 in the 128 GB storage model will be available during the Amazon Summer Sale May 2022 for Rs 64,900. The MRP of the phone is Rs 79,900. This means that the customers will be able to enjoy a discount of up to Rs 15,000 on the purchase of the iPhone 13.

If you have an old iPhone in working condition then you will also be eligible to receive another additional discount worth up to Rs 17,000 on the iPhone 13.

Buy at Rs. 64,900 (MRP – Rs. 79,900)

Features of Apple iPhone 13 

The iPhone is powered by an A15 Bionic processor with 6 core CPU. Apart from this, it has 16 core neural engines. With the iPhone 13, up to 512 GB of storage will be available. The iPhone 13 has a 6.1-inch Retina XDR display with 1000 nits brightness.

The iPhone 13 has a 12-megapixel dual rear camera setup. This time a new wide-angle camera has been given, whose aperture is f/1.6. With this, there is support for sensor optical stabilisation. Night mode has been made better than before. The second lens is also 12 megapixels ultra-wide and has an aperture of f/2.4.

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