New Delhi, June 18: As the era of Raghuram Rajan will end in next three months, there are seven potential candidates waiting to replace the Reserve Bank of India Governor on September 4. Also Read - Rs 2000 Notes News: Has Centre Decided to Discontinue Printing of Rs 2000 Notes? This is What Modi Govt Said | Read Here

Today Rajan, chief of RBI formally announced that he will take exit and will not complete second term as the Governor of the central bank. The announcement came few days after Rajan faced intense criticism by BJP leaders, especially Rajya Sabha MP Subramanian Swamy. The international banker famously known for controlling India’s inflation after recession, today wrote a farewell letter to his colleagues at the RBI, stating that he would prefer to return to his academic career when his term ends on September 4, 2016. Also Read - GDP Numbers Should Alarm us All, Govt Needs to be Frightened Out of Their Complacency: Rajan

The 53-year-old international banker of RBI wrote, “I am an academic and I have always made it clear that my ultimate home is in the realm of ideas. The approaching end of my three-year term, and of my leave at the University of Chicago, was therefore a good time to reflect on how much we had accomplished. (Also Read: After Raghuram Rajan, Arundhati Bhattacharya to become RBI Governor?) Also Read - Sitharaman Holding Review Meeting With Heads of Banks, NBFCs on Loan Recast | What to Expect

The letter written by the 23rd Governor of India came few days after Swamy accused him of underperformance. Swamy also said that Rajan was “not fit” for the job and that he was not “Indian at heart”.

An unidentified senior government official reportedly said to Reuters that the Narendra Modi government holds a list of seven potential candidates who will be replacing Rajan. (Also Read: Arundhati Bhattacharya to replace Raghuram Rajan? All you need to know about India’s first potential woman RBI Governor)

Here are profile of seven candidates who can be appointed for the top post of RBI:

Arundhati Bhattacharya

Arundhati Bhattacharya, the chairperson of State Bank of India (SBI) is one of the favourite contender for the position of RBI Governor. As per rumours doing the round within financial circles, Narendra Modi government is impressed with her performance as the Managing Director of SBI, who is there since past 3 years.

Urjit Patel

Urjit Patel is a 56-year-old eminent economist who is currently serving as Deputy Governor of the RBI. After Bhattacharya, Patel is most favourite contender for the top post of RBI. He obtained his BA from the London School of Economics and has completed his PhD in Economics from Yale University.

Vijay Kelkar

Vijay Kelkar is an Indian economist and academic, who is currently holding the top position as a Chairman of the Forum of Federations, Ottawa and Development Foundation. Kelkar holds a degree in engineering and had completed his Phd in Economics from United States in 1970. He was also appointed as a Chairman of National Stock Exchange of India some years ago.

Rakesh Mohan

Rakesh Mohan is a former Deputy Governor of RBI and currently he is the vice president of Indian Institute for Human Settlements. In November 2012, Mohan was appointed as an executive director of the International Monetary Fund (IMF) for a three-year term. Mohan, completed his BA in Economics from Yale University and holds a PhD degree from Princeton University, US.

Ashok Chawla

Ashok Chawla an eminent economist is the newly appointed chairman of the National Stock Exchange. Earlier Chawla headed Competition Commission of India (CCA). Prior to joining the NSE, Chawla was a civil servant with over 40 years of work experience in various sectors in India. Chawla holds a Masters degree from Delhi School of Economics and was a civil servant (IAS-1973 cadre).

Subir Gokam

Subir Gokam, a senior banker was one of the four Deputy Governors of the RBI. In 2013 Gokam was replaced by Urjit Patel.

Ashok Lahiri

Ashok Lahiri is a senior economist who holds a position of chairman of Bandhan Bank in Kolkata. Bandhan is India’s biggest Microfinance Institute.