Former RBI Deputy Governors Subir Gokarn and Rakesh Mohan are leading the race for Raghuram Rajan’s post

India is waiting for its next RBI Governor with bated breaths, and amidst this wait has surfaced two names that are most likely to be the final candidates to succeed Raghuram Rajan.

Former Deputy Governors Subir Gokarn and Rakesh Mohan are said to be leading the race.

While Rakesh Mohan has been with RBI earlier as well, he has also served as the secretary at the department of economic affairs and as the chief economic adviser. He also was India's executive director at the International Monetary Fund (IMF) for three years from November 2012.

Subir Gokarn, on the other hand, became the executive director on the IMF board after Mohan. Prior to that, he was chief Asia-Pacific economist at Standard and Poor's.

The decision, to be taken by PM Modi, will be announced by July 15 as per a Dow Jones report.