India's central bank governor to quit after term ends
{{#rendered}} {{/rendered}}The governor of India's central bank says he'll quit and return to academia when his term ends in September.
Gov. Raghuram Rajan issued a statement on Saturday, ending speculation over whether Prime Minister Narendra Modi's government will give him another three-year term with India's economy growing at an impressive 7.5 percent.
Some leaders of Modi's Hindu nationalist party recently criticized Rajan for adopting a hard line against inflation despite pressure to cut interest rates to push India's economic growth.
{{#rendered}} {{/rendered}}Rajan was appointed the Reserve Bank of India's governor by the previous Congress party government three years ago. Since taking the job, he's been on leave as a professor of finance at the University of Chicago.
He was chief economist at the International Monetary Fund from 2003 to 2007.