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Speculations are rife that <keyword id="63974" type="PERSON" weightage="100" keywordseo="Subir-Gokarn">Subir Gokarn</keyword>, former RBI deputy governor, could also become the <keyword id="3487429" type="POSITION" weightage="20" keywordseo="next-RBI-governor">next RBI Governor</keyword> as he met outgoing chief <keyword id="6358908" type="PERSON" weightage="100" keywordseo="Raghuram-Rajan">Raghuram Rajan</keyword> and Finance Secretary <keyword id="6359111" type="PERSON" weightage="20" keywordseo="Shaktikanta-Das">Shaktikanta Das</keyword>. 
 Earlier, name of <keyword id="6366253" type="PERSON" weightage="20" keywordseo="Arvind-Panagariya">Arvind Panagariya</keyword> had surfaced as the next RBI Governor. 
 
However, the Indian Government has not yet finalised the date of the announcing the next RBI Governor. 
 
Meanwhile, the monetary policy on Tuesday is likely to be the last one by Rajan. 
 
Gokarn, 56, was the youngest to be appointed deputy governor of the RBI in 2009. 
 
He has also served at Standard and Poor's as chief economist for Asia-Pacific between 2007 and 2009. He holds a Ph.D in economics from Case Western Reserve University, US.

Subir Gokarn meets Raghuram Rajan, stirs speculation of becoming the next RBI chief

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 <keyword id="6358908" type="PERSON" weightage="100" keywordseo="Raghuram-Rajan">Raghuram Rajan</keyword>. 
 Former Deputy Governors <keyword id="63974" type="PERSON" weightage="100" keywordseo="Subir-Gokarn">Subir Gokarn</keyword> and <keyword id="124751" type="PERSON" weightage="100" keywordseo="Rakesh-Mohan">Rakesh Mohan</keyword> 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 <a href="http://economictimes.indiatimes.com/news/economy/policy/subir-gokarn-rakesh-mohan-frontrunners-for-raghuram-rajans-post/articleshow/52987225.cms">report</a>.

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

After <a href="http://www.businessinsider.in/searchresult.cms?query=raghuram+rajan&amp;sortorder=effectivedate">RBI Governor Raghuram Rajan</a> announced he will not continue for the second term, the government immediately started looking for someone who would fit in Rajan’s shoes perfectly. 
 
Rajan, who is considered one of the most influential economists and a person of high calibre, has plans to return to academia. 
 
Meanwhile<a href="http://www.businessinsider.in/searchresult.cms?query=arun+jaitley&amp;sortorder=effectivedate">, Finance Minister Arun Jaitley</a> said the government would soon zero on Rajan’s successor as his term ends on September 04. 
 
Industry experts say whosoever will succeed Rajan will have to carry on with his agenda of cleaning up the bad debt from Indian banking system. 
 
<a href="http://www.businessinsider.in/READ-10-points-from-Raghuram-Rajans-letter-to-the-RBI/articleshow/52810168.cms">READ: 10 points from Raghuram Rajan's letter to the RBI</a> 
 
Also, the new governor will have to work in tandem with monetary policy committee, once formed. The new chief will also have to deal with foreign currency deposits, payments banks, and also have a good rapport with the Indian government while also protecting the credibility of the <a href="http://www.businessinsider.in/searchresult.cms?query=rbi&amp;sortorder=effectivedate">RBI</a>. 
 
The government has shortlisted four candidates who fit the bill and one of them will succeed Rajan. 
 
Here is a look at the four contenders and their past record that will help the central bank.

Meet these four candidates who are contending for RBI’s top post

The government has zeroed on four names for <a href="http://www.businessinsider.in/searchresult.cms?query=RBI&amp;sortorder=effectivedate">RBI’s</a> top post and is likely to appoint an economist to succeed <a href="http://www.businessinsider.in/searchresult.cms?query=raghuram+rajan&amp;sortorder=effectivedate">Raghuram Rajan</a>. 
 
Four contenders-former RBI deputy governors Rakesh Mohan and Subir Gokarn, and present deputy governor Urjit Patel- are in the running for the post. 
 
Mohan has served the RBI in different stints and also knows the government quite well. He was also the secretary at the department of economic affairs and chief economic adviser. 
 
He was India's executive director at the <a href="http://www.businessinsider.in/searchresult.cms?query=IMF&amp;sortorder=effectivedate">International Monetary Fund</a> (IMF) for a three-year term beginning November 2012. 
 
Meanwhile, Gokarn is executive director on the IMF board and has also served Standard and Poor’s as chief Asia-Pacific economist. 
 
Basu was chief economic advisor to United Progressive Alliance government. 
 It is likely that <keyword id="6354424" type="ORGANIZATION" weightage="20" keywordseo="World-Bank">World Bank</keyword> Chief Economist Kaushik Basu and former chief economic adviser Ashok Lahiri will also be considered. 
 
"The government is more keen on appointing an economist as the RBI governor. Bureaucrats are not under active consideration," a senior official aware of initial discussions told ET. 
 
The official did not rule out <a href="http://www.businessinsider.in/searchresult.cms?query=arvind+subramanian&amp;sortorder=effectivedate">Chief Economic Adviser Arvind Subramanian’s</a> name from the list. 
 
The final name, which will be decided by <a href="http://www.businessinsider.in/searchresult.cms?query=prime+minister+narendra+modi&amp;sortorder=effectivedate">Prime Minister Narendra Modi</a> in consultation with <a href="http://www.businessinsider.in/searchresult.cms?query=arun+jaitley&amp;sortorder=effectivedate">Finance Minister Arun Jaitley</a>, is expected to be announced next month. 
 
RBI Governor Rajan, whose tenure ends on September 04, announced he will not go for second term and would be returning to academics.

Government shortlists four names for RBI Governor’s post

There are seven candidates on a long list to replace Reserve Bank of India Governor <keyword id="6358908" type="PERSON" weightage="100" keywordseo="Raghuram-Rajan">Raghuram Rajan</keyword>, a senior government official told Reuters on Saturday. 
 The candidates are Vijay Kelkar, Rakesh Mohan, Ashok Lahiri, Urjit Patel, <keyword id="6379603" type="PERSON" weightage="100" keywordseo="Arundhati-Bhattacharya">Arundhati Bhattacharya</keyword>, Subir Gokarn and <keyword id="46928" type="PERSON" weightage="100" keywordseo="Ashok-Chawla">Ashok Chawla</keyword>, the official said, speaking on condition of anonymity due to the sensitivity of the matter. 
 Of the field, the two best known are Patel, now a deputy governor of the <keyword id="30067" type="ORGANIZATION" weightage="100" keywordseo="RBI">RBI</keyword>, and Bhattacharya, who is chair of State Bank of India, the country's largest bank. 
 
The others are veterans of the RBI, the Indian civil service or the two major global financial bodies, the International Monetary Fund or World Bank. 
 
Image credit: Indiatimes

Who will replace Raghuram Rajan as RBI Governor?

The <keyword id="30067" type="ORGANIZATION" weightage="60" keywordseo="RBI">RBI</keyword> may get a new Governor before the start of the monsoon session of Parliament next month. Sources in the Finance Ministry said the government is close to picking the successor of <a href="http://www.businessinsider.in/searchresult.cms?query=Raghuram+Rajan&amp;sortorder=effectivedate">Raghuram Rajan</a>. 
 Former RBI Deputy Governor <keyword id="124751" type="PERSON" weightage="80" keywordseo="Rakesh-Mohan">Rakesh Mohan</keyword> appears to be emerging as the front runner. Others are counting SBI Chief <a href="http://www.businessinsider.in/searchresult.cms?query=Arundhati+Bhattacharya&amp;sortorder=effectivedate">Arundhati Bhattacharya</a>, former RBI deputy governor Subir Gokarn and Economic Affairs Secretary Shaktikanta Das in as well. RBI Deputy Governor Urjit Patel and Chief Economic Advisor <a href="http://www.businessinsider.in/searchresult.cms?query=Arvind+Subramanian&amp;sortorder=effectivedate">Arvind Subramanian</a> were also being considered. 
 
Mohan, who studied at Imperial College, University of London as well as Yale University, holds a Ph. D in Economics from Princeton. He was Deputy Governor of the <a href="http://www.businessinsider.in/searchresult.cms?query=Reserve+Bank+of+India&amp;sortorder=effectivedate">Reserve Bank of India</a> (RBI) from September 9, 2002 to October 31, 2004 and July 2, 2005 to June 10, 2009. 
 
<a href="http://economictimes.indiatimes.com/thumb/msid-52827764,width-640,resizemode-4/rakesh-mohan.jpg">Image Source</a>

We
might have a new RBI Chief before Parliament's monsoon session

People in India are only familiar with all that went wrong between <a href="http://www.businessinsider.in/searchresult.cms?query=raghuram+rajan&amp;sortorder=effectivedate">RBI Governor Raghuram Rajan</a> and <a href="http://www.businessinsider.in/searchresult.cms?query=arun+jaitley&amp;sortorder=effectivedate">Finance Minister Arun Jaitley</a>. 
Interestingly, it turns out that this Rajan vs Jaitley episode wasn’t a one-off. Rajan’s predecessor and the RBI Governor, who has possibly steered India through one of its toughest economic conditions from 2008 through to 2013, <a href="http://www.businessinsider.in/searchresult.cms?query=subbarao&amp;sortorder=effectivedate">D Subbarao</a>, had a somewhat similar, maybe even more acerbic relationship with the then Finance Minister, <a href="http://www.businessinsider.in/searchresult.cms?query=chidambaram&amp;sortorder=effectivedate">P Chidambaram</a>. 
 Opening up in an extremely candid, yet measured conversation about his time at the helm of the <keyword id="6354335" type="CITY" weightage="20" keywordseo="reserve-bank-of-india">Reserve Bank of India</keyword>, Subbarao gave Business Insider an insight into the troubled relationship he had with Chidambaram, mentioned in great details in his recently released book, Who Moved My Interest Rate? 
 
One incident that strikes a chord instantly with the current <a href="http://www.businessinsider.in/searchresult.cms?query=RBI&amp;sortorder=effectivedate">RBI</a> vs Govt scenario is that Subbarao was just few weeks into the job, when global markets were crashing, and world economies were well into recession, with India being one of the very few countries still growing at over 5% rates. What happened then was the then finance minister Chidambaram, without consulting with Subbarao, decided to create a liquidity management committee. 
 
Subbarao writes in the book, “Chidambaram clearly overstepped into RBI turf as liquidity management is a quintessential central bank function. Not only did he not consult me, but he did not even inform me of this before the notification was issued.” 
 
Speaking to BI he says, “The main mandate of all Central Banks in the world is price stability. Ensuring there is a long and steady view at inflation. Political executives in democracies such as this are always and mostly uncomfortable with this. For them it’s always a trade-off between the popular mandate of growth versus managing inflation, a function of which is hiking interest rates when required.” 
 
He, however, says the tension between Rajan and Jaitley are of a different nature. He says, “Unlike the situation I was in, when India had to save itself from the economic meltdown of 2008, today we have reasonable growth. There will always be tensions between the Central Banks and the respective Governments, but, if handled professionally, there will be no hurdles to the economy.” 
 
The book also has an entire chapter ‘Walking Alone’, which specifically talks about the strained relationship between Subbarao and Chidambaram. 
 
A particular conflict of interest incident happened during the <a href="http://www.businessinsider.in/searchresult.cms?query=monetary+policy&amp;sortorder=effectivedate">monetary policy</a> review of June 2013, almost towards the end of Subbarao’s tenure, when Chidambaram was forcing him to cut the cash reserve ratio-the proportion of cash that banks need to park with the RBI at any given time-and Subbarao disagreed. He tells us, “There was a price to be paid. Such situations always have a trade-off and in this case it was the refusal of the government to extend the tenure of two of the deputy governors, Usha Thorat and Subir Gokarn.” 
 
Subbarao, also has a word of praise for RBI Gov Rajan, when during the conversation we ask him how he would have handled the current situation of growing inflation, worsening health of banks in the form of rising bad debts and the constant pressure from the government to cut interest rates, he says, “I would have done exactly what Governor Rajan is doing now. There are situations when you have to be firm. Right now, from whatever I hear, dealing with inflation and managing the NPA situation should be the top priority of any RBI Governor.”

You Searched For "Subir Gokarn" and got 7 results

Subir Gokarn meets Raghuram Rajan, stirs speculation of becoming the next RBI chief

BI India Bureau

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

BI India Bureau

Meet these four candidates who are contending for RBI’s top post

Akanksha Jain

Government shortlists four names for RBI Governor’s post

BI India Bureau

Who will replace Raghuram Rajan as RBI Governor?

BI India Bureau

We might have a new RBI Chief before Parliament's monsoon session

BI India Bureau

Exclusive: Raghuram Rajan vs Jaitley wasn’t a one-off, his predecessor Subbarao faced it too with then Finance Minister, P Chidambaram

Debdatta Das

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