Raghuram Rajan won't be writing a 'tell-all' book on RBI term

Reserve Bank of India Governor Raghuram Rajan has said he will not be writing a 'tell-all' book about his two-year term as the central bank chief.

The statement comes two days after former RBI governor Duvvuri Subbarao launched his book 'Who moved my interest rates -- Leading the RBI through Five Turbulent Years'. In the book, Subbarao revealed that former finance minister P Chidambaram and Pranab Mukherjee had both interfered with the procedure of setting interest rates, after often criticising his stand on inflation and growth. 

He says, both, Chidambaram and Mukherjee overstepped the turf on several occasions and the differences even led to two of his deputies not getting extensions. 

Read all about it here. 

Rajan, who will be stepping down as the RBI chair on September 4 after he made his decision public about not seeking a second term, said, he will, instead, be concentrating on his academic writings. In a letter to RBI employees, Rajan said, he was open to a second term but after consultation with the government he had decided not to seek a second term. After his tenure completes, Rajan will go back to the US and take up his job as Professor of Finance as the Chicago Booth School. 

Rajan took on his critics head-on asking them "how the inflation rate is very low". Rajan has been criticised for being behind the curve on interest rates. To this, he said, the allegation had no economic basis, and that he didn't pay heed to such dialogues.