Reserve Bank of India governor Raghuram Rajan's decision to not seek a second term should be respected as it is a a "personal one", Bank MD and CEO Chanda Kochhar has said.
In a statement she said, "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."
In her comments, Kochhar said under Rajan, RBI played a key role in steering the economy in a volatile world.
There has been criticism on Centre’s inability to retain Rajan, who has been broadly lauded for his leadership during the three-year stint at the central bank, for one more term.
RBI governor’s decision 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.