You would have made out what the header stands for. Most of you would have. Raghuram Rajan’s note to his RBI colleagues is here. Well, technically, he has not resigned but said that he would not seek a second term.
On 2nd June, a good friend forwarded this article and asked us what we would do, if we were in RR’s shoes:
This is what I wrote:
Coming to the question, in this situation, if I were RR, what would I do?
Now, in putting myself into his position, I can only go by the publicly known facts. My decision to stay or to leave would very much depend on how much support my boss actually gave me (even if only in private) during this phase. Did he call me and reassure me that this was not authorised by him, that he did not approve of it, that he has confidence in me, that he would like me to stay and that he would sort this out?
If my boss tried to stop the attacks, how come SS released another letter in three days?
When my boss was asked about my continuation (WSJ interview), he actually waved it off! Now, all of a sudden, an article appears in all newspapers telling me and the world how proud my boss is, of me. How do I know that it is not a good cop-bad cop routine?
One sign of his support would be to announce the reappointment now. In normal circumstances, it might be announced only late in August. But, these are not normal times. A statement from the boss would have put an end to all speculation about my position and, more importantly, concern about the sanctity of certain posts and institutions.
Since, based on publicly available information, it appears that the boss did not do any of the above, I would leave. I just am not sure that I have his confidence and support, not just now, but for the coming period too.
I wish my successor good luck, My hunch is that he might need lots of it.
(MINT column from April after the controversy over ‘one-eyed king’