Indian central bank chief to resign

|By:, SA News Editor

India's central bank governor Raghuram Rajan, feted by foreign investors but under pressure from political opponents at home, stunned government officials on Saturday by announcing he would step down after just one three-year term.

In a letter to RBI staff, Rajan said he planned to return to academia, even as he noted two of his actions - the creation of a monetary policy committee to set interest rates and the clean-up of the heavily indebted banking sector - remained unfinished.

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