Market observers see Urijit Patel's appointment as a positive development and expect equity markets to give a mildly positive reaction
Top contenders for the RBI Governor's post are current Deputy Governor Urjit Patel and former deputy governor Subir Gokarn
Also still in contention are RBI deputy governor Urjit Patel, former deputy governor Subir Gokarn and SBI chief Arundhati Bhattacharya
To cut interest rates, the central bank head has to open up a debate on inflation target revision
All new RBI governors will now have to deal with the committee system, perhaps giving up many of the powers their predecessors enjoyed
Sources in the Finance Ministry said the government is close to picking a successor of Raghuram Rajan, whose reign will come to end on september 4
All RBI Governors in past 23 years have got second term, a chain Rajan broke
According to television reports, formal announcement will be made before July 18