Fact Check: No, Raghuram Rajan is not the new Governor of the Bank of England

New Delhi, May 11: A post is being widely shared on social media claiming that former Reserve Bank of India governor Raghuram Rajan has now been appointed as the governor of the Bank of England.

Several social media users have started congratulating Raghuram Rajan on being appointed as governor of the Bank of England, while some expressed sadness for not giving him enough opportunities in India.

Congratulations to sir rajan for being appointed as governor of bank of England. pic.twitter.com/hv0q7EDsEF

— WILBRO.DSOUZA (@WILBRODSOUZA) May 8, 2022

When verified, it was found that it was a fake claim. Andrew Bailey is the current governor of the Bank of England, and his term will continue till March 2028.

In 2019, reports were rife that Rajan was among the top contenders to replace Mark Carney, the then-governor of the UK's central bank. But he opted out of the race.

Rajan became RBI Governor in 2013 at a time when the US Federal Reserve had declared its intent to wind down its stimulus programme and the rupee had plunged in value in respect of the US dollar on fears of a spiralling current account deficit.

Rajan, who at 40 was the first non-western and the youngest to become the chief economist at the International Monetary Fund, shot to big fame three years after he predicted a financial crisis at an annual gathering of economists and bankers in the US in 2005.

He was appointed RBI Governor by the previous UPA government in 2013 and although he wanted a second term he was not offered an extension, which most of his predecessors got, by the current NDA regime.