New Delhi, June 18 : Finance Minister Arun Jaitley on Saturday appreciated the work of Reserve Bank of India (RBI) Governor Raghuram Govind Rajan and said that a successor would be named soon.

The remark came after Rajan said in a letter to his colleagues that he was not seeking a second term and will return to academia when his tenure ends in September.

"Dr.Raghuram Rajan has announced his intention to go back to academics at the end of his current assignment," Jaitley said on the micro-blogging website Twitter.

"The Government appreciates the good work done by him and respects his decision. A decision on his successor would be announced shortly."