Ending speculation which was on for last few days, Reserve Bank of India (RBI) Governor Raghuram Rajan has formally told his colleagues that he is not interested for another term at the helm of Reserve Bank of India (RBI) and would return to academia when his tenure ends in September.
This was conveyed in a letter addressed to central bank staff.
In the letter, Rajan said e agenda he pursued was to help nurse India back on the path of recovery first and then growth.
He went on to mention that while much was accomplished, a part of that task remained a work in progress.
"While I was open to seeing these developments through, on due reflection, and after consultation with the government, I want to share with you that I will be returning to academia when my term as governor ends on September 4, 2016," he said.
"I will, of course, always be available to serve my country when needed," he added.
"I am an academic and I have always made it clear that my ultimate home is in the realm of ideas. The approaching end of my three year term, and of my leave at the University of Chicago, was therefore a good time to reflect on how much we had accomplished."
Saying that he will be returning to the US university, from where he is on a sabbatical, Rajan listed his unfinished agenda as seeing a monetary policy panel in place to broadly guide the central bank, and a clean-up of banks' balance sheets.