Union Finance Minister Arun Jaitley on Monday came out in support of Reserve Bank of India Governor Raghuram Rajan, and said people should debate on issues and policies, not personalities, reported PTI. "I do not approve of any of these comments being made by anyone as far as the personality is concerned, because the RBI and its Governor is an important institution in Indian economy," Jaitley said in an interview.

His statement comes in the backdrop of the ongoing controversy sparked by letters written by Bharatiya Janata Party leader Subramanian Swamy to Prime Minister Narendra Modi, seeking Rajan's removal from his post. The ruling party legislator has said the RBI chief kept interest rates high on purpose and accused Rajan of leaking "sensitive financial information".

Rajan's term will end in September. Since 1992, it has been a general trend to extend the three-year terms of RBI governors by two more years.