Back to the Roots: ‘Professor’ Raghuram Rajan Returns to University of Chicago

Dhanshri Sharma updated on : 14 Sep 2016

Raghuram Rajan has opted out of a second term at the RBI and will return to University of Chicago as a finance professor. Read more.


"An investment in knowledge pays the best interest." - Benjamin Franklin

Clearly, some of the greatest personalities of our country believe in this quote of Benjamin Franklin.

Dr. A.P.J. Abdul Kalam, the former President of India who died from an apparent cardiac arrest while delivering a lecture at IIM Shillong, always used to say he would like to be remembered as a teacher. Despite becoming the president in 2002, he did not give up on his passion for teaching.

Raghuram Rajan, who spent the last three years as the Governor of Reserve Bank of India (RBI), retired from the post on September 4, 2016.

And guess what he’s up to? He too is planning to return to the University of Chicago as a finance professor.

Rajan already has a connection with the University. He worked as a Distinguished Service Professor of Finance at the University of Chicago, Booth School of Business from 1991 to 2013, and went on public service leave after that.

Now, the 53-year-old most successful Indian economist has made a choice of not resuming his services at the RBI. He has decided that he will return to academia very soon this year.



Rajan studied engineering at IIT Delhi and did his MBA from IIM Ahmedabad. He earned a Ph.D from the Massachusetts Institute of Technology (MIT).

Sunil Kumar, University of Chicago Booth School of Business Dean, said they were looking forward to welcome Professor Rajan back to the Chicago Booth faculty. Kumar said that Rajan’s experience will be of great benefit at the school.

In 2003, Rajan received the inaugural Fischer Black Prize, which is given every two years to a financial economist younger than 40 who has made the most significant contribution to the theory and practice of finance.

In addition to this, his book ‘Fault Lines: How Hidden Fractures Still Threaten the World Economy’ won the Financial Times/Goldman Sachs Business Book of the Year award in 2010.

Meanwhile, eminent economist, consultant and banker Urjit Patel has been appointed to replace Rajan.

Born on October 28, 1963, Patel did his PhD in Economics from Yale University in 1990 and earned his M Phil from Oxford in 1986.

He is going to be the eighth Deputy Governor to be made Governor at RBI.

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