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1-min read

SBI Chief Arundhati Frontrunner To Replace Rajan as RBI Governor

I will, of course, always be available to serve my country when needed: Rajan

Latha Venkatesh | CNBC TV18

Updated:June 19, 2016, 8:04 AM IST

Quick Read

  • SBI chief Arundhati Bhattacharya is the frontrunner for the RBI Governor's post
  • Chief Economist in the World Bank Kaushik Basu is also a strong contender for the post
  • Rajan's no to second term sparked a political war as Congress accused the government of hounding him out

New Delhi: With Reserve Bank of India (RBI) Governor Raghuram Rajan unwilling to head the central bank for the second term, senior government officials say that State Bank of India (SBI) Chairperson Arundhati Bhattacharya is the frontrunner among the six contenders for the post.

The long list to replace Rajan includes RBI Deputy Governor Urjit Patel, former deputy governor Subir Gokarn, economists Rakesh Mohan and Parthasarathi Shome.

Chief Economist in the World Bank Kaushik Basu's name is also doing the rounds.

On Saturday, Rajan said he will not serve a second term as RBI head, sparking a war of words in which the Congress accused the Bharatiya Janata Party-led Central Government of hounding him out.

BJP Rajya Sabha MP Subramanian Swamy has been running a campaign seeking Rajan's ouster.

Rajan told his colleagues at the RBI that he will return to academics after his three-year term ends on September 4.

"I will, of course, always be available to serve my country when needed. I am an academic and I have always made it clear that my ultimate home is in the realm of ideas," he said.

Hours later, Finance Minister Arun Jaitley tweeted that the government appreciated Rajan's "good work" and respected his decision.

"A decision on his successor would be announced shortly," he had said.

Top industry leaders defined Rajan's decision not to take a second term as "nation's loss" as he brought economic stability and enhanced India's credibility on the world stage.

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