In interviews in September 2017 , Rajan said the Government of India had consulted the Reserve Bank of India , during his Governorship , on the issue of demonetization but never asked to take a decision . He said the RBI was against the move and warned the government of the potential negative effects . Rajan also termed the currency notes ban exercise as , " One can not in any way say it has been an economic success " . In addition to his work at the University of Chicago and RBI , Raghuram is also a member of the Berggruen Institute 's 21st Century Council
demonetization
2016 Indian banknote demonetisation
Raghuram Rajan