When there is pending work at hand, RBI Governor should not have rushed to the press to announce his decision to quit in September. Even in an office atmosphere if a top level man has some pending urgent work, then he will not be allowed to quit at any cost. Political pressure is mounting on people holding highest office and that should not come in the way quitting a prestigious post abruptly. Even the Finance Ministry should not have taken a decision to appoint a new Governor in his place. It is not too late as Raghuram Rajan can revert his decision and express his intention to stay back to take up the unfinished work of bank balance sheet clean up. Banks are the backbone of our financial system and it is high time that a responsible and senior person should be in charge to clean up the mess. Barking dogs will not bite and the attacks were just superfluous to attract the attention and the motives were very clear. If Rajan is open even now, then he should rethink his decision and stay back.
(The views expressed by the author in the article are his/her own.)