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
As the clean-up has taken hold, loan growth slipped to 10.7 per cent in the last fiscal
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
As with TCS, most companies put their money in mutual funds, corporate bonds and bank deposits, which are losing their appeal versus government bonds in terms of both returns and safety.
A two-year extension at the helm of the RBI still looks a real possibility
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
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
After months of denying there was a liquidity problem, Governor Raghuram Rajan has reversed course.
Three policymakers aware of the central bank's deliberations on the Budget said they are combing through the numbers to test how Jaitley struck a balance, and question some of the assumptions.
Markets hope the Budget will steer spending towards infrastructure.
RBI Governor Raghuram Rajan wanted to improve training for staff, through initiatives such as sending them to other central banks for short stints.
The slowdown is especially pronounced in rural areas, which have suffered two consecutive dry years.
Urjit Patel's reappointment will raise market hopes that Rajan, will also be offered an extension when his tenure ends in September.
Poor disclosure among India-listed firms is a turnoff for foreign investors.
RBI's tricky strategy to ease market's pre-Fed jitters.
India's central bank kept its key repo lending rate unchanged at 6.75 percent on Tuesday.
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