The governor of the Reserve Bank of India, Raghuram Rajan, has announced that he will retire when his current term ends in September. The decision is controversial, with suggestions that the Indian government has pushed Rajan out the door because he was too outspoken and too independent, Bloomberg reports. Rajan has been credited with playing an important role in helping foster the growth of India's economy during his three-year term. "Action will need to be taken" by Swiss banks to meet revised 'too big to fail' regulations of the Swiss National Bank, the SNB's board member Fritz Zurbrügg, said at the end of last week. "This is particularly the case as regards meeting the leverage ratio requirements, but also as regards gone-concern instruments," he said. The two major Swiss banks UBS and Credit Suisse are already fully compliant with the revised requirements that come into effect on 1 July, Zurbrügg said.