After Modi's Africa tour, Rajan successor name likely

The government will likely announce the name of the 24th governor of the Reserve Bank of India (RBI) after Prime Minister Narendra Modi returns from his five-day, four-nation tour of Africa, a top official said on Tuesday.

"A new governor will be named after the prime minister returns from his Africa tour on July 11 (Monday)," the official said.

RBI deputy governor Urjit Patel and former deputy governors Subir Gokarn and Rakesh Mohan are said to be the strongest contenders to succeed current RBI governor Raghuram Rajan. Modi and Finance Minister Arun Jaitley are close to a decision on a successor to Rajan.
 

In the wake of Rajan's announcement last month that he would return to academia after the end of his term as RBI governor on September 4, top government sources had said the people in contention to become the 24th governor included Gokarn, Patel, Mohan, Chief Economic Advisor Arvind Subramanian and Economic Affairs Secretary Shaktikanta Das.

A number of media reports had also named State Bank of India chairman Arundhati Bhattacharya as one of the contenders.

The government has made it clear that its first preference would be for an economist to take up the post.

Gokarn, Patel and Mohan, with their economic nous, macro-economic understanding and administrative experience, are now the likely favourites to take over the reins at Mint Road.

Subramanian, Das and Bhattacharya may not be in contention anymore. Jaitley is said to be keen for Subramanian to continue working in the Finance Ministry. Das' chances look slim as top officials have said earlier that bureaucrats may not be preferred. Bhattacharya has also been ruled out.