"Dr Raghuram Rajan has announced his intention to go back to academics at the end of his current assignment. The government appreciates the good work done by him and respects his decision," he said in a Facebook post.
"A decision on his successor would be announced shortly."
Rajan earlier today said he will be returning to the academia after completion of his term as RBI Governor on September 4.
"... On due reflection, and after consultation with the government, I want to share with you that I will be returning to academia when my term as Governor ends on September 4, 2016," Rajan said in a message to the RBI staff.
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