PM Modi could name Arvind Panagariya as next RBI governor: Reports

Prime Minister Narendra Modi could name his policy adviser, Arvind Panagariya, as the next governor of the Reserve Bank of India (RBI), two television channels reported on Monday, citing unnamed government sources.

Prime Minister Narendra Modi could name his policy adviser, Arvind Panagariya, as the next governor of the Reserve Bank of India (RBI), two television channels reported on Monday, citing unnamed government sources.

Arvind Panagariya heads the government’s main economic advisory body NITI (National Institution for Transforming India) Aayog.

The TV channels - CNBC Awaaz and ABP News - also said that a formal announcement of the decision was expected in next 48 hours.

Modi’s office declined to comment, but said a decision on the new central bank governor would be made before July 18. Panagariya’s office also refused to comment.

Panagariya, who heads the government’s main economic advisory body NITI Aayog (National Institution for Transforming India), is also India’s Group of 20 summit negotiator.

The term of outgoing RBI chief Raghuram Rajan ends in early September. Rajan shocked markets late last month by announcing he would not seek reappointment.