Rajan’s Successor to be Appointed Before Start of Monsoon Session

The government does not want speculation around the matter and will decide on new Governor by end of July.

The Reserve Bank of India (RBI) Governor Raghuram Rajan. (Photo: Reuters)

• RBI Governor Raghuram Rajan’s successor may be appointed before the start of the monsoon session of Parliament next month. RBI Deputy Governor Urjit Patel, former Deputy Governor Rakesh Mohan and Chief Economic Advisor Arvind Subramanian are being considered for the top post.
  
  
• The government will not be setting up a search panel for selection of the new Governor. The announcement will happen by July-end as Rajan’s tenure ends on 4 September and the government does not want speculation around the matter.
  
  

• The RBI Governor released a statement saying he will return to academia once his term ends. Rajan, who will have the shortest tenure as RBI Governor since liberalisation began in 1991, is also one of the few non-bureaucrats in this post as most of his predecessors have been IAS officers.

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