Rajan has given large measure of credibility to RBI: SBI chief

Dr Rajan is a person of very high caliber

Describing Reserve Bank of India governor Raghuram Rajan as a person of very high caliber, State Bank of India chief Arundhati Bhattacharya on Saturday said he has given a large measure of credibility to the central bank.

"Dr Rajan is a person of very high caliber, who has built ably on the reputation of our central bank and given it a very large measure of credibility," she said in a statement.

Her name is also doing the rounds for the post of the RBI governor.

Putting speculations to rest, Rajan on Saturday said no to a second term as Reserve Bank of India (RBI) governor.

Finance Minister Arun Jaitley said the government appreciates the good work done by Rajan and respects his decision.

"A decision on his successor would be announced shortly," Jaitley said.

On Rajan's decision not to seek a second term as RBI chief, veteran industrialist Rahul Bajaj said, "It is unfortunate".

Image: RBI Governor Raghuram Rajan (left) and Arundhati Bhattacharya, chief of SBI. Photograph: Reuters.