India started its hunt for the new governor of its Central Bank after Duvvuri Subbarao, the former bank governor, rejected term extension for his position. This was according to Indian Finance Minister Palaniappan Chidambaram.

After an interview with the Times of India, Chidambaram confirmed its hunt for a new Central Bank governor to Bloomberg News. The Finance Minister refused to disclose further information about who the possible candidates are for the said position. However, Raghuram Rajan, the chief economic adviser at the Finance Ministry, and Economic Affairs Secretary Arvind Mayraram were possible candidates according to a newspaper report, of which did not say where it got the information.

Chidambaram said in an interview that Subbarao met with him and asked not to be considered for another term. He said that he accepted Subbarao's decision which led to the hunt of possible governor candidates. Subbarao led the Central Bank of India since 2008, of which he was given a two-year term extension and is about to expire in September of this year. When asked to comment regarding his leaving Central Bank through a phone call, Subbarao cannot be immediately reached.