Less than a year after he demitted office as the 23rd Governor of the Reserve Bank of India (RBI)

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26 Aug, 2025 12:21

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Less than a year after he demitted office as the 23rd Governor of the Reserve Bank of India (RBI), Raghuram Rajan said he had cautioned the Centre on the short-term costs of demonetisation outweighing the long-term benefits. These revelations form part of his memoir, I Do What I Do, a compilation of his speeches peppered with telling commentaries. Excerpts of the book were published in the Times of India and Hindustan Times today.

Putting rest to speculation that the central bank under Rajan was on board for demonetisation, Rajan wrote, “At no point during my term was the RBI asked to make a decision on demonetisation. I was asked by the government in February 2016 for my view on demonetisation, which I gave orally… I made these views known in no uncertain terms.” Rajan wrote, adding that he also offered ‘better alternatives’ to help the government achieve its main goals. However, there is no mention of what these suggestions were.

Putting rest to speculation that the central bank under Rajan was on board for demonetisation, Rajan wrote, “At no point during my term was the RBI asked to make a decision on demonetisation. I was asked by the government in February 2016 for my view on demonetisation, which I gave orally… I made these views known in no uncertain terms.” Rajan wrote, adding that he also offered ‘better alternatives’ to help the government achieve its main goals. However, there is no mention of what these suggestions were.