Jaitley meets PM over new RBI Governor’s appointment

New Delhi, Aug 18 (PTI) Finance Minister Arun Jaitleytoday held an hour-long discussion with Prime MinisterNarendra Modi over appointment of new RBI Governor, a postthat will fall vacant on September 4. The high-profile meeting, which took place at the PrimeMinister’s residence here, is believed to have deliberated onvarious names who could succeed Raghuram Rajan, who demitsoffice early next month on completion of his 3-year tenure. Asked about the announcement of next Governor, FinanceMinister Arun Jaitley said: "We will let you know when wedecide. You will come to know about the conclusion, not theprocess." Traditionally, the Prime Minister picks the RBI Governorafter consultation with the finance minister. In June, Rajan surprised the markets when he in a letterto the RBI staff announced that he would return to academiaand not seek a second term. Top contenders for the RBI Governor’s post are currentDeputy Governor Urjit Patel and former deputy governor SubirGokarn. Gokarn is currently an Executive Director at theInternational Monetary Fund while Patel was given a 3-yearextension as RBI Deputy Governor in January. Others who are said to be in the fray include World BankChief Economist Kaushik Basu, Economic Affairs SecretaryShaktikanta Das, SBI chief Arundhati Bhattacharya and FinanceMinistry’s Chief Economic Advisor Arvind Subramanian. Rajan, who will have the shortest tenure as RBI Governorsince liberalisation began in 1991, decided not to seek asecond term after unbridled political attacks on him were ledby BJP MP Subramanian Swamy. PTI JD DP CSARD