Raghuram Rajan in running for IMF chief’s post

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London: Former Reserve Bank of India (RBI) Governor Raghuram Rajan is among the front runners for the post of International Monetary Fund (IMF)’s managing director, according to media reports.

The job of stewarding the U.K.’s monetary policy and maintaining its financial stability has rarely been more political, and Rajan is the only outsider among the top contenders in the running to replace Mark Carney, according to bookmakers and economists who follow the 325-year-old institution.

According to sources, the IMF role fell vacant after current MD Christine Lagarde announced her resignation last week following her nomination by the European Council as president of the European Central Bank. Her resignation takes effect from September 12.

Rajan, currently a professor at the University of Chicago, was often mentioned by the British media as the probable next governor for the Bank of England (BoE) whose selection process is currently underway.

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