Raghuram Rajan leaving the RBI on completion of his tenure at a time when a tumultuous global economy poses several risks to India along with the banks grappling with an unprecedented challenge of mounting non-performing assets is quite unfortunate, according to industry body ASSOCHAM.

Rajan, on Saturday, announced that he will be moving back to the world of academics after the completion of his three year term as RBI Governor on September 4.

Secretary General D S Rawat, said “While it is the institutions which are paramount, individuals provide leadership and a quality leadership makes all the difference. That is what Dr Rajan has done to the RBI.

"Over the last three years, he provided a new dimension to entire approach of the central bank with a global perspective, yet keeping intact, the unique advantages of the Indian economy and eco system."

Rawat expressed the hope that Rajan is persuaded to reconsider his decision, though the way the public discourse and narrative on the entire issue took shape, could have been avoided.

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