Prime Minister Narendra Modi could name Arvind Panagariya, Vice-Chairman of NITI Aayog, as the next Governor of the Reserve Bank of India, two television channels reported on Monday, citing unnamed government sources.

CNBC Awaaz and ABP News also said that a formal announcement of the decision was expected in the next 48 hours.

The PMO declined to comment, but said a decision on the new central bank governor would be made before July 18. NITI Aayog also refused to comment.

Panagariya, who heads the government’s main economic advisory body, is also India's Group of 20 summit negotiator.

The term of outgoing RBI chief Raghuram Rajan ends in early September. Rajan shocked markets late last month by announcing he would not seek reappointment.