Successor to Rajan may be announced by August: Sources

It is likely that by end of August a successor could be announced to Raghuram Rajam, reports CNBC-TV18's Sapna Das, quoting sources.

Deputy governor Urjit Patil may be leading the pack of contenders to form office at the Reserve Bank of India. Others include former Deputy Governors of RBI Rakesh Mohan and Subir Gokarn, among others.

CNBC-TV further learns that there is no panel that will decide on the next RBI chief as consultations will be carried out between the Prime Minister and the Finance Minister. Monetary Policy Committee, which has been set up to decide on policy changes, may get to call the shots in August, reports Das. There are no current roadblocks to MPC.

Regarding edemptions of foreign money that will be due in a month, the channel learns that there are enough reserves to handle any such outflow. Watch video for more...