The selection committee, headed by RBI Governor D Subbarao, has forwarded the shortlist to the Appointments Committee of the Cabinet, which will take a final decision. Gokarn's name topped the list for the fourth Deputy Governor, sources close to the appointment process said. They added that a formal announcement was expected over the next few days.
If selected, Gokarn will replace Rakesh Mohan who quit the central bank in June and will be in charge of monetary policy matters, which are being looked after by the Governor himself.
The others in the running included Arvind Virmani, the government's chief economic advisor, Ashoka Mody, assistant director at the International Monetary Fund's European department, and Jahangir Aziz, J P Morgan India's Chief Economist.
Gokarn has also worked at the Indira Gandhi Institute of Development Research, Mumbai, and the National Council of Applied Economic Research, New Delhi, where he was chief economist.
At present, RBI has three deputy governors -- Usha Thorat, S Gopinath and K C Chakrabarty.
