Letters: Loss and gain

With reference to "Mint Road's Loss is Chicago's Gain" (June 19), while inaugurating the Reserve Bank of India's (RBI) New Central Office Building on Mint Road Mumbai in November 1981, then Finance Minister R Venkataraman had said, "This institution has a history of great governors."

He had probably not realised that equally great, if not greater, governors were yet to come. The unprecedented way in which the nation has reacted over the weekend to Raghuram Rajan's decision to not seek an extension of his term is testimony to the great governor he has been.

I have been an RBI watcher for 67 years during which 21 governors have been in and out. Though many have been greatly admired, none has so far been eulogised to the extent Rajan has been, partly as it was felt that his valuable services could have been available to the bank and the country for many more years.

Another name that strikes my memory in this context is C D Deshmukh, who too was just 53, like Rajan, when he left the RBI in 1949, though the circumstances of his departure were different. He had been with the RBI for 10 years, six as governor. He was offered an extension but he could not accept it due to family circumstances. Let us keep fingers crossed and hope that Rajan's services have not been lost to India forever.

R C Mody, New Delhi

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