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Narayana Murthy wants Raghuram Rajan to get two more terms

NR Narayana Murthy has gone beyond the voices in favour of a second term as the Reserve Bank of India (RBI) governor for Raghuram Rajan and has said that he should be offered two more terms instead, a report in the Economic Times said.

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NR Narayana Murthy has gone beyond the voices in favour of a second term as the Reserve Bank of India (RBI) governor for Raghuram Rajan and has said that he should be offered two more terms instead, a report in the Economic Times said.

The report quoted Murthy saying that India should be very fortunate to have Rajan serve the country....not just for one term, but two more terms. 

While Rajya Sabha member Subramanian Swamy has made his opposition for a second term for Rajan very vocal, Rajan still has a lot of support from India Inc, the UPA government that first put him in the RBI chair, and even his co-author and Chicago Business SChool colleague Luigi Zingales. 

Both Prime Minister Narendra Modi and Finance Minister Arun Jaitley have remained mum about their stance on the issue, saying that the decision will only be taken when September is around the corner. 

However, in a first, the government has decided to let a panel make a list of potential RBI candidates, in a departure from a decision that is usually taken by consultations among the prime minister and the finance minister. The financial sector regualtory appointment search committee (FSRASC) which is responsible for picking heads for various regulators in the industry, will also interview the candidates and apprise the government. The final decision about the candidacy will, however, lie with the FM and PM. 

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