India's central bank governor to quit after term ends

Published June 18, 2016

FILE- In this Sept. 4, 2013 file photo, the then appointed Reserve Bank of India (RBI) Governor Raghuram Rajan addresses a press conference at the RBI headquarters in Mumbai, India.Rajan issued a statement on Saturday, June 18, 2016 saying that he'll quit and return to academia when his term ends in September. (AP Photo/Rajanish Kakade, File) (The Associated Press)

FILE- In this April 5, 2016 file photo, Reserve Bank of India (RBI) Governor Raghuram Rajan addresses a press conference in Mumbai, India. Rajan issued a statement on Saturday, June 18, 2016 saying that he'll quit and return to academia when his term ends in September. (AP Photo/Rafiq Maqbool, File) (The Associated Press)

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.

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.

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