Welcoming Raghuram Rajan back to academics, the prestigious University of Chicago has said the outgoing RBI Governor’s experience as head of India’s top central banker will be of great benefit when he returns to research and teaching later this year.

“We are eager to welcome Professor Rajan back to the Chicago Booth faculty,” said University of Chicago Booth School of Business Dean Sunil Kumar.

Last week, Rajan, 53, announced that he will not seek renewal of his position as RBI Governor when his term expires in September and “will be returning to academia”.

“His experience as leader of the central bank of India will be of great benefit when he returns to his research and teaching at the school. We could not be more delighted to have this great scholar back in Chicago,” Kumar said yesterday.

Appointed to a three-year term in August 2013, Rajan took the helm as RBI Governor on September 5 of that year.

Shortly thereafter, he appointed an expert committee to revise and strengthen India’s monetary policy and he is viewed as having adeptly handled the country’s high inflation and debt problems, the Booth School said.

An International Monetary Fund chief economist from 2003-06, Rajan is also widely known for his foresighted warnings of the 2008-09 global financial crisis.

Rajan studied engineering at the Indian Institute of Technology in Delhi, then obtained an MBA from the Indian Institute of Management, Ahmedabad. He received his Ph.D. from the Massachusetts Institute of Technology.

Rajan’s book, Fault Lines: How Hidden Fractures Still Threaten the World Economy was published in 2010 and was named Winner of Financial Times/Goldman Sachs Business Book of the Year.

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