Kaushik Basu enters fray for RBI top post

The search for the successor of RBI governor Raghuram Rajan does not seem to end, at least for the time being.

Rajan's successor is likely to be named only after he chairs his final policy meeting on August 9, 2016, a Reuters report said on Tuesday.

The RBI chief announced in June he would not seek a second term amid Rajya Sabha MP Subramanian Swamy's statements questioning his credibility at the top post. Rajan's term expires on September 4, 2016.

In a surprise turn of events, Kaushik Basu who is stepping down as the World Bank's chief economist has entered the fray to lead the Reserve Bank. Basu has worked as chief economic advisor to the government of India.

Basu holds a PhD in economics from the London School of Economics. He has received honorary doctorates from several institutes, including IIT, Mumbai, and Fordham University, New York.

Basu is currently on leave from Cornell University where he is Professor of Economics and the C. Marks Professor of International Studies.

Recently, vice-chairman of Niti Aayog Arvind Panagariya also emerged as a contender for the top post.

An economist from the Columbia University, Panagariya was appointed the vice chairman of the Niti Aayog on January 5, 2015. PM Modi is chairman of the panel.

Also still in contention are RBI deputy governor Urjit Patel, former deputy governor Subir Gokarn and State Bank of India Chair Arundhati Bhattacharya.