Indian government policy adviser Arvind Panagariya could be made next RBI chief

Indian government policy adviser Arvind Panagariya could be made next RBI chief

Arvind Panagariya heads the government's main economic advisory body NITI Aayog (National Institution for Transforming India) and is also India's Group of 20 summit negotiator. (Getty)

New Delhi | Jul 11, 2016, 11.29 PM (IST)

Indian 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 today, citing unnamed government sources.

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.

(Reuters)

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