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NITI Aayog Vice-Chairman Arvind Panagariya is touted to become the next RBI Governor. Pictured: Arvind Panagariya is seen at a programme in Jaipur on July 9, 2016 (Representational image).IANS

Arvind Panagariya, currently vice chairman of Niti Aayog, may be appointed as the new governor of Reserve Bank of India (RBI) to succeed Raghuram Rajan, whose term ends on Sep. 4 this year. A formal announcement is likely within 24 to 48 hours, according to ABPLive

A former chief economist at the Manila-based Asian Development Bank, Panagariya was also economics professssor at the University of Maryland at College Park, according to his profile posted on the Niti Aayog website. Panagariya He has also worked with global financial institutions such as the World Bank, the IMF and the UNCTAD. He holds a Ph.D. degree in Economics from Princeton University.

Panagariya was appointed as the deputy chief of the Niti Aayog on Jan. 5, 2015. 

His was not one of the names doing the rounds in the media to succeed Rajan. 

Earlier, it was reported that a decision on Rajan's successor will be taken after Prime Minister Narendra Modi returns to India on Monday (July 11) from his four-nation, five-day tour. 

Rajan's term comes to an end under not-so-cordial circumstances, given the bitter criticism of his monetary policy by BJP Rajya Sabha member Subramanian Swamy.