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India's Loss, England's Gain? Raghuram Rajan in Race For Top Post at Bank of England

The Financial Times report says there is a list of six people who are being considered for the job. Rajan’s name features among the six.

News18.com

Updated:April 23, 2018, 11:43 AM IST
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India's Loss, England's Gain? Raghuram Rajan in Race For Top Post at Bank of England
File photo of former RBI Governor Raghuram Rajan. (Reuters).

New Delhi: Former Reserve Bank of India (RBI) Governor Raghuram Rajan is in the running for the top job at the Bank of England (BoE), the Central Bank of the United Kingdom, to replace current BoE Governor Mark Carney.

Phillip Hammond, UK’s Chancellor of the Exchequer, said a report in the Financial Times, has already said he has started the process to replace Carney and has started to look at potential candidates.

“The formal process has not yet started but I, and many other people I am sure, may have cast their eye around various rooms to see if any likely looking candidates hove into view,” Hammond was quoted as saying by the Financial Times.

The report had a list of six people who are being considered for the job. Rajan’s name features among the six. “Attracting Raghuram Rajan, the highly respected Chicago-based economist and former Reserve Bank of India governor, would be a coup,” the report said.

The report lists Rajan’s ‘pros’ as “Impeccable international economics and central banking experience. Significant achievements at the Reserve Bank of India.” However, the report also lists a ‘con’ and says Rajan has given “no indication that he would want the job at the BoE”.

In 2013, Rajan was appointed as the RBI Governor for a term of three years. In 2014, Rajan was pegged to take over as the Managing Director of the International Monetary Fund (IMF) from Christine Lagarde, however, he stayed on as RBI Governor.

In 2016, he announced that he would not be seeking another term as RBI Governor. He later revealed that while he was interested in staying on, but the government had not extended an offer to him. He was replaced by his deputy Urjit Patel.

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| Edited by: Ashutosh Tripathi
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