Arvind Subramanian, Urjit Patel Frontrunners for RBI Governor Post

The three-year term of current RBI Governor Raghuram Rajan will end in September 2016.

Reserve Bank of India (RBI) Deputy Governor Urjit Patel (right) with outgoing Governor Raghuram Rajan at bi-monthly monetary policy review in Mumbai, India, 2 February 2016. (Photo: Reuters)

Arvind Subramanian and Urjit Patel are frontrunners for the position of the Governor of the Reserve Bank of India (RBI), CNN News18 reports claimed, citing sources, on Friday.

The sources have also said that there are three names in the shortlist for the frontrunner.

Prime Minister Narendra Modi will be appointing Raghuram Rajan’s replacement. His term as Governor of RBI ends in September 2016.

While the third name remains under wraps, Arvind Panagriya was widely reported as a strong contender.

Arvind Subramanian is the Chief Economic Advisor of India and Urjit Patel is the current Deputy Governor of RBI.