Rexit: Rajan's decision to return to academia is a personal one which we must respect, says Chanda Kochhar

RBI Governor Raghuram Rajan's decision to not seek a second term is a "personal one" which everybody should respect, ICICI Bank MD & CEO Chanda Kochhar said on Sunday.

"Rajan's decision to return to academia is a personal one which we must respect. I wish Rajan all the very best for the years ahead," Kochhar said in a statement.

In her comments, which come a day after Rajan surprised all by disclosing his decision to return back to the University of Chicago, Kochhar said under him, the RBI played a major role in steering the economy in a volatile world. There has been a widespread criticism about the government's inability to retain Rajan, who has been widely lauded for his leadership during the three-year stint at the central bank, for another term.

Rajan's decision, which came after sharp criticism by ruling BJP's Subramanian Swamy where the lawmaker also questioned the Governor's patriotism, has been used by the Opposition to attack the government. "Today, India is the world's fastest growing large economy with stable macroeconomic indicators...India will continue to remain on a very robust growth path," Kochhar said.