New Delhi, June 14: Narendra Modi government is apparently not on the same page with Reserve Bank of India (RBI) Governor Raghuram Rajan. Even before his term ends in September, the far-right voices within Bharatiya Janata Party (BJP) have demanded the expulsion of Rajan, accusing his policies for the slow employment rate in the nation. According to rumours doing the round within the nation’s financial circles, Centre has found a replacement for Rajan. Arundhati Bhattacharya, the first female chairperson of State Bank of India (SBI), is likely to be elevated to the post of RBI Governor in September.Also Read - RBI Monetary Policy Today: Repo Rates Remain Unchanged, GDP Growth Target at 9.5 Per Cent; Top Points
Bhattacharya is arguably the most influential female banker of the nation. With a working experience of 36 years, she is one of the most revered domestic bankers, who could be considered for the top job at RBI. (ALSO READ: Subramanian Swamy’s attack on RBI Governor Raghuram Rajan is creating fear among global investors: FT) Also Read - RBI Monetary Policy: Governor Shaktikanta Das to Announce Decision on Policy Rates Tomorrow; Here Is What To Expect
Financial pundits have credited Bhattacharya for revamping the SBI ever since she took over the banking operations of the public institution in October 2013. For her exemplary performance in the past three years, the 60-year-old was listed as the 25th most powerful female in the world by Forbes. She has made into the most influential list of the magazine for two consecutive years. Apart from the recognition she earned from Forbes, Bhattacharya has been named as the fourth most influential woman of Asia by Fortune. Also Read - RBI Monetary Policy: Reserve Bank of India Governor Announces Interest Rate, Reverse Repo Rate, GDP Growth; Top 10 Points
If Modi government ends up replacing Rajan with Bhattacharya, she would be the first woman to serve as RBI Governor. Although, no confirmation has been received regarding Rajan’s exit, the speculations of his removal received legitimacy to an extent when a prominent Bengali daily claimed that Rajan has himself conveyed to the government that he would like to vacate his post at the end of the term.