The Indian government could soon appoint Arvind Panagariya governorof the Reserve Bank ofIndia to replace Raghuram Rajan who is set to in September, local TV channelABP News reported July 11, without citing a source.

The government could make a formal announcement this week,the report said.

Panagariya is vice chairman of the National Institution forTransforming India, or NITI Aayog, and is known for supporting Prime MinisterNarendra Modi's economic policy.

The government was said the have four candidates for thecentral bank governor role, including a current deputy governor and 'schairwoman, according to an earlier report.