Zee Media Bureau
New Delhi: Raghuram Rajan shocked the nation by announcing on Saturday that he will not serve a second term, once his present term as Governor of Reserve Bank of India, ends on September 4.
Rajan ended speculation on his continuance at the Reserve Bank of India in an email to his colleagues at RBI.
So, who is going to be the next RBI Chief? Government has to quickly decide on the name of the next RBI Governor as analysts expect that Rajan's exit is going to set panic in the equities and rupee market.
As per reports, top two names doing the rounds and who appear to be the strongest contenders for becoming the next RBI Governor are as follows:
Arundhati Bhattacharya: As per reports, State Bank of India (SBI) Chairperson Arundhati Bhattacharya is the front runner among the contenders for the RBI Chief's post. Arundhati Bhattacharya, who is the Chairperson of India's largest public sector bank State Bank of India, was also listed among the most influential women in the world by Forbes in 2015 and 2016.
Urjit Patel: Urjit Patel is one of the RBI's four deputy governors, has run the monetary policy department since 2013, and is viewed by officials at RBI as Rajan's closest lieutenant. Patel has a doctorate in economics from Yale University, and has worked at the International Monetary Fund.
Eminent economists and former policymakers on Sunday said called Raghuram Rajan's exit from RBI as 'bad omen' for Indian economy.