(The article was originally published in Newschecker Punjabi by Shaminder Singh)
Social media platforms are swamped with congratulatory posts for Raghuram Rajan, with several users claiming that the former RBI governor has been appointed as the “New governor of Bank of England.” However, Newschecker found the viral claim to be untrue.
The claim about Rajan’s appointment to the Bank of England as the new governor is being widely shared on Twitter as well.
Raghuram G Rajan is a well known name in the field of economics and finance across the world with multiple feathers to his hat. Rajan, who is currently the Katherine Dusak Miller distinguished service professor of Finance at The University of Chicago Booth School of Business, served as the Governor of the Reserve Bank of India from 2013 to 2019. He was the Chief Economist and Director of Research at the International Monetary Fund between 2003 and 2006. Prior to this, Rajan taught at the Graduate School of Business at the University of Chicago where he is the Joseph L. Gidwitz Professor of Finance.
He authored Fault Lines: How Hidden Fractures Still Threaten the World Economy, for which he was awarded the Financial Times-Goldman Sachs prize for best business book in 2010. Rajan was also awarded the inaugural Fischer Black Prize by the American Finance Association for contributions to finance by an economist under 40 in 2003.
To verify the veracity of the claim that Rajan has been appointed as the new governor of the Bank of England, we began by conducting a keyword search for ‘Raghuram Rajan Bank of England’, but did not find any news report suggesting that he has been appointed new governor of the bank.
Further, we scanned through the official website of the Bank of England and found that the current governor of the bank is one Andrew Bailey. According to the website, “On 20 December 2019, Andrew Bailey was announced as the new Governor of the Bank of England. He began his term on 16 March 2020.” The website clearly specifies that his tenure will expire on March 15, 2028.
Newschecker also looked up the list of past governors of the Bank of England on its official website, but did not find Rajan’s name in the list.
In addition, we also came across a report by Reuters, dated May 5, 2022, identifying Andrew Bailey as the governor of the Bank of England Andrew. As per the report, Bailey addressed the media on the Monetary Policy Report at the bank.
Though a 2019 report by Business Today did suggest that Rajan was the top contender in race to lead 325-year-old Bank of England, a report published by NDTV in the same year stated that former RBI governor clarified in an interview with the BBC that he did not apply for the post of governor at the Bank of England. “It’s best a country has someone who understands the political situation within that country and knows how to navigate that,” Rajan told the BBC. “It’s obvious I’m an outsider and I have very little understanding of the deep ebbs and flows of politics in that country,” he added.
Newschecker also reached out to the Bank of England over an e-mail, who shared a link to the website with us, clarifying that Bailey is the current governor of the bank and detailing his tenure.
Our investigation revealed that Raghuram Rajan has not been appointed as the governor of the Bank of England. The viral claim is false.
Result: Fabricated Content/False
Official Website of Bank Of England
Direct Contact With Bank Of England
If you would like us to fact-check a claim, give feedback, or lodge a complaint, WhatsApp us at 9999499044 or email us at [email protected]. You can also visit the Contact Us page and fill out the form.