NEW DELHI: Finance minister P Chidambaram on Tuesday said the government has begun the hunt for a new governor of the Reserve Bank of India after D Subbarao ruled himself out for an extension.
"Dr Subbarao met me a few days ago and said he would like to move on and he would not like to be0 considered for another term. So, I accepted that. Now we are in the search mode," Chidambaram said in an interview but refused to disclose names of those in contention.
This is the first official acknowledgment that the central bank will have a new governor after Subbarao demits office on September 5 after a five-year stint. With no clear candidate in sight there had been speculation of Subbarao getting a fresh term or an extension till a replacement was found after the 2014 general elections.
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