Govt may announce Raghuram Rajan's successor after PM Modi's Africa tour

New Delhi: Government is likely to announce successor to Raghuram Rajan, the outgoing governor of RBI, after Prime Minister Narendra Modi returns from his five-day, four nation tour of Africa, a top official said on Tuesday.

RBI Governor Raghuram Rajan. Reuters

RBI Governor Raghuram Rajan. Reuters

"A new governor will be named after Prime Minister returns from his Africa tour on July 11," the official said.

Rajan's three-year term will come to an end on 4 September, as he last month announced that he would return to academia and not seek a second term.

Top contenders for the post are former deputy governors of the Reserve Bank of India Subir Gokarn and Rakesh Mohan.

Gokarn is an Executive Director at the International Monetary Fund, a post previously held by Mohan.

Others who are said to be in the fray for job include SBI chief Arundhati Bhattacharya and Economic Affairs Secretary Shaktikanta Das.

Government's Chief Economic Adviser Arvind Subramanian and the RBI's current Deputy Governor Urjit Patel are also considered to be in reckoning.

Incidentally, Patel got a three-year extension as RBI Deputy Governor in January.

Traditionally, Prime Minister picks the RBI Governor after consultation with the finance minister. The same process is likely to be followed this time around with Modi choosing Rajan's successor after consulting Arun Jaitley.

Sources said once a new governor is named, he will become an Officer on Special Duty (OSD) in the central bank to allow smooth transition.

Rajan, who will have the shortest tenure as RBI Governor since liberilsation began in 1991, decided not to seek a second term after unbridled political attacks on him was led by BJP MP Subramanian Swamy.

All RBI Governors in past 23 years have got second term - from Dr C Rangarajan (1992-97), Bimal Jalan (1997-03), YV Reddy (2003-08) to D Subbarao (2003-08). Rajan will break that chain.


Updated Date: Jul 05, 2016 16:56 PM

Also Watch

Social Media Star: Abhishek Bachchan, Varun Grover reveal how they handle selfies, trolls and broccoli
  • Monday, July 16, 2018 It's a Wrap: Soorma star Diljit Dosanjh and Hockey legend Sandeep Singh in conversation with Parul Sharma
  • Monday, July 16, 2018 Watch: Dalit man in Uttar Pradesh defies decades of prejudice by taking out baraat in Thakur-dominated Nizampur village
  • Monday, July 16, 2018 India's water crisis: After govt apathy, Odisha farmer carves out 3-km canal from hills to tackle scarcity in village
  • Sunday, July 15, 2018 Maurizio Sarri, named as new Chelsea manager, is owner Roman Abramovich's latest gamble in quest for 'perfect football'

Also See