Five Candidates in Running to Replace Rajan, India Official Says

  • Group includes finance ministry, central bank officials
  • Modi and Jaitley will make decision on Rajan’s replacement

Raghuram Rajan Plans to Return to Academia

Five candidates are in the running to replace Raghuram Rajan as governor of the Reserve Bank of India, according to a government official who asked not to be identified, citing rules for speaking with the media.

The group includes two finance ministry officials, Economic Affairs Secretary Shaktikanta Das and Chief Economic Adviser Arvind Subramanian, the official told reporters in New Delhi on Monday. The official said three candidates who have served as deputy RBI governors are also being considered: Urjit Patel, Rakesh Mohan and Subir Gokarn.

Prime Minister Narendra Modi and Finance Minister Arun Jaitley will decide on the next governor, the official said. Another official, who also asked not to be identified, told reporters that the decision may be announced before August.