New Delhi, December 10: Reserve Bank of India (RBI) Governor Urjit Patel on Monday submitted his resignation. His shock departure comes in the backdrop of an escalated row with the Finance Ministry over the sharing of central bank's surplus funds. Here are 3 likely contenders to replace him for the coveted post.

Subir Gokarn: Currently serving as an executive director at the International Monetary Fund, Gokarn was among the frontrunners for the RBI chief's post, in the aftermath of the then Governor Raghuram Rajan's resignation in 2016. Gokarn has also served as the former deputy Governor of the RBI till 2013 -- when he was replaced by Patel.

Shaktikanta Das: The Retired 1980-batch IAS officer had served as the Economic Affairs Secretary from August 2016 to May 2017 -- till he superannuated from service. He was subsequently appointed as a member of the 15th Finance Commission. Among other coveted posts held by him, include Revenue Secretary, Union Secretary, Special Secretary in the Department of Economic Affairs and as a Joint Secretary in the Department of Expenditure of the Ministry of Finance. He was among the frontrunners for the RBI Governor post in 2016 -- when the government had chosen Patel. (Update: Shaktikanta Das Appointed as New RBI Governor)

Arundhati Bhattacharya: The former State Bank of India (SBI) chief earned fame in the banking sector for the robust functioning of the public lender during her four-year tenure at at its helm. In 2017, she retired -- after serving for 40 years in the SBI. In the 2016 Forbes report, she was ranked as the 25th most powerful women.

On Urjit Patel's ouster, Prime Minister Narendra Modi acknowledged the efforts he has taken to strengthen and stabilise the functioning of the central bank. "Dr. Urjit Patel is a thorough professional with impeccable integrity. He has been in the Reserve Bank of India for about 6 years as Deputy Governor and Governor. He leaves behind a great legacy. We will miss him immensely," he said.

(The above story first appeared on LatestLY on Dec 10, 2018 06:19 PM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).