The Reserve Bank of India (RBI) is ?very grateful? to KC Chakrabarty, the deputy governor who put in his papers on Thursday, as he has been a valuable guide for successive governors, the central bank said in a release on Friday.
Chakrabarty had three months left for his superannuation as deputy governor of the RBI. His term was due to end on June 30. Appointed in June 2009 for three years, he was given an extension of two years.
?I personally have benefited enormously from his advice,? governor Raghuram Rajan said in the official release.
RBI said a search is on for his successor. Chakrabarty found himself between controversies just months after taking over as deputy governor in 2009 due to his comments on the RBI’s monetary policy, which was not under his direct purview. His comments on policy moved both stock and bond markets. Consequently, he was stripped off some key portfolios but these were re-assigned to him later on. ?Dr Chakrabarty always speaks his mind,? added the central bank in the release on Friday.
At the time of his resignation, Chakrabarty was handling the key departments of banking supervision, financial stability, currency management and customer services among others.
?No differences with Rajan?
New Delhi: Outgoing RBI deputy governor KC Chakrabarty on Friday said there was no difference of opinion with the governor and his resignation was a personal decision. The 62-year-old career banker, who had opted to quit RBI ahead of the scheduled date of June 15, 2014, said he had already informed RBI governor Raghuram Rajan about his retirement plans and would remain in office till April 25.
?I think I should have the discretion of deciding my own retirement date. There is no problem, this was communicated to (the) governor well in advance. It was my personal decision,? he told reporters. On whether there was any difference with Rajan over policy matters, Chakrabarty said: ?There is no such problem… I am taking early relieve (sic). I am not running away.? PTI
