Former RBI Chief Raghuram Rajan is back in Chicago

After returning to academia following a controversial stint as the RBI Governor, Raghuram Rajan has said it felt ‘great to be back’ riding his bike in Chicago. He added that he hopes to do it as long as he can.  “Taking my bike out and riding the bike path along Lake Shore Drive, that’s one of the great experiences in my life. And I hope to do it as long as I can. It’s great to be back,” Rajan said in an interview with the media team of the University of Chicago Booth School of Business.

Rajan was governor of the Reserve Bank of India from 2013 to September 2016. His tenure was marked by both bouquets and brickbats but saw severe criticism from some political quarters towards the end, including personal attacks.

In a letter to the RBI staff, he had said he plans to return to academia but said “I will, of course, always be available to serve my country when needed.” He was accused of refusing to lower rates to boost growth, though Rajan often cited data to the contrary.

Previously, he served as the chief economist and director of research at the International Monetary Fund (from 2003 to 2006).

“This (Booth School of Business) has been my home for 25 years. It’s a great city. I have great colleagues. And it’s a wonderful school. It’s different every time you come back. If it wasn’t different, it wouldn’t be doing its job,” Rajan said.

Rajan was governor of the Reserve Bank of India from 2013 to September 2016. His tenure was marked by both bouquets and brickbats but saw severe criticism from some political quarters towards the end, including personal attacks.

He is currently Katherine Dusak Miller Distinguished Service Professor of Finance at the University of Chicago Booth School of Business, which he joined in 1991.

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