Kaushik Basu, whose stint at the World Bank ends on July 31, was being looked at as a serious contender, the sources said
Modi will also need to reconcile market demands with those from forces within his own administration
India is gearing up to introduce a six-member monetary policy committee that would vote on interest rates.
Here is some background on the candidates seen as potential successors to Rajan at the RBI
Rajan was expected to join the search committee to appoint three external members of a new six-member RBI Monetary Policy Committee
While he has plenty of critics at home, Rajan is a favourite among foreign investors and has been credited for bringing inflation under control.
Even before Prime Minister Narendra Modi swept to power in 2014, Subramanian Swamy was agitating for Rajan's removal.
Raghuram Rajan joked he wasn't expecting to win any votes or Facebook 'likes' in the position.
The RBI is not statutorily independent from the government but has long enjoyed wide latitude
A two-year extension at the helm of the RBI still looks a real possibility
The six AP-1000 reactors would be built in Andhra Pradesh.
The funds, some of which have invested in the NSE for almost a decade, want the exchange to list as soon as possible so that they can exit and pay back investors in their funds
Apple is also expected to announce plans for a startup accelerator in India to work more closely with the Indian developer community that works on the company's iOS and OS X software platforms
Cook's visit, following a trip to China, comes at a crucial time as Apple looks for new growth markets after posting its first ever decline in iPhone sales
While many promises remain unrealised, power reforms and the creation of tens of millions of new bank accounts have helped Modi maintain his popularity
Mauritius and Singapore account for the bulk of the $278 billion in foreign equity investments since 2000
Now, funds from Mauritius interested in India will have to weigh paying capital gains taxes that could range from zero to as much as 20 per cent
Monsanto has taken the government to court over the royalty.
Prime Minister Narendra Modi's landslide election in 2014 raised hopes he would draw a line under India's socialist past, cut welfare and reduce the government's role in business.
Markets hope the Budget will steer spending towards infrastructure.
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