The Centre has shortlisted four candidates to succeed Raghuram Rajan as the next governor of the Reserve Bank of India, Reuters reported. The list includes current RBI Deputy Governor Urjit Patel, former deputy governors of the central bank Rakesh Mohan and Subir Gokarn, and Chairperson of the State Bank of India Arundhati Bhattacharya, a senior government official said.

The official added that the RBI will soon have a new Monetary Policy Committee, as well. Rajan is expected to join the search panel that will appoint three external members to the proposed six-member committee, another official from Prime Minister Narendra Modi’s office said. The goal is to ensure that the committee is constituted before the next RBI governor is appointed and in time for the last bi-monthly policy meeting that Rajan is expected to head in August.

On June 18, Rajan had announced that he will return to academia when his term at the central bank ends on September 4. “I will, of course, always be available to serve my country when needed,” he said in an email message to his colleagues.