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In June 2016, I wrote a piece about the hounding of Raghuram Rajan. At that time, Rajan was still at the Reserve Bank of India (RBI). However, it was clear that he was unwanted. Sure enough, he left soon thereafter.
Little did I realise then that I would be writing about the departure of Rajan’s successor, under even worse circumstances. While Urjit Patel’s statement cites “personal” reasons for his decision to quit, the “effective immediately” timeline speaks volumes. The Governor’s decision is no personal matter. |