Reserve Bank of India (RBI) Governor Raghuram Rajan's abrupt decision to quit came as he increasingly felt he lacked support from his political bosses Finance Minister Arun Jaitley and Prime Minister Narendra Modi, according to friends and colleagues.
A newspaper report a week ago that a selection panel would consider a field of candidates rather than directly offer the former IMF chief economist an extension to his three-year term, effectively forcing him to reapply for his own job, may have been the final straw, according to these people and a finance ministry source.
"He felt it would belittle the position of the RBI governor if he had to appear before the committee," said one senior commercial banker who knows Rajan personally but had not spoken to him since his decision. "It would reveal a lack of government support. Rather than have two more years of constant quibbling, he decided to go."
The darling of international investors was also upset that Jaitley had not backed him more strongly after criticism from Hindu nationalists of both his policies and his perceived lack of "Indian-ness", the sources said.
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"He felt it would belittle the position of the RBI governor if he had to appear before the committee," said one senior commercial banker who knows Rajan personally but had not spoken to him since his decision. "It would reveal a lack of government support. Rather than have two more years of constant quibbling, he decided to go."
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