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Raghuram Rajan's successor announcement due this month

Government has narrowed replacements, two names at bay; RBI Governor's term ends on September 4

Policy Pulse
Publish Date: Jul 2 2016 8:33AM | Updated Date: Jul 2 2016 8:33AM

Raghuram Rajan's successor announcement due this month

The central government is expected to announce names of the probable successors of the governor of Reserve Bank of India, well before the term of the current chief Raghuram Rajan comes to an end.

 

According to a TV channel report, the country will soon get to know the name of the person who will replace Rajan. If all goes well an announcement may come by July 15 while Rajan’s term will be end in September 4.

 

Before retirement, Rajan wrote a letter to RBI staff where he ruled out the possibility for a second term. He announced his decision to return back to the academics.

 

After a while, government also indicated that name of the replacement would soon become public.

 

Finance Minister Arun Jaitley had clarified via a tweet that the government appreciates the good work done by him and respects his decision.  He further shared that a decision on his successor will be announced shortly.

 

Government is planning to make the announcement in mid-July, which will give the next person enough time to watch the situation before taking over. “They (government) know that it is not easy to catch the things in mid. The successor could make his/her own strategy before Rajan’s retirement,” says an expert.

 

Sources also indicate that government now has a narrow list of names for the successor. A week ago there were almost half a dozen names including SBI Chairperson Arundhati Bhattacharya and RBI Deputy Governor Urijit Patel,

 

But the choices now has narrowed down at two names; Subir Gokarn Economist at International Monetary Fund and Rakesh Mohan, Former Deputy Governor of RBI.