Raghuram Rajan remains focused on a long-term inflation target of 4 percent.
The government is aiming for an 8-10 per cent annual economic growth.
Finance Minister Arun Jaitley, who wants pension and insurance funds to invest more in equities and infrastructure.
The new hire, Gangadhar Darbha, joined as a consultant
Indebted developers are cutting staff as they slow work on existing projects and postpone new ones until they clear a backlog of 700,000 unsold homes
Modi's party also wants to regulate property markets and tie investor money to specific projects to stop developers diverting cash elsewhere.
Indian Oil Corporation's stake sale received overwhelming reponse from investors.
The trade deficit widened to $12.8 billion last month
It also named bosses for Bank of India, IDBI Bank Ltd and Punjab National Bank from within the state sector
The rupee fell 1.87 percent against the dollar this week, its biggest fall since late April.
RBI takes steps to control inflation but the masses are not convinced.
Modi's'Make in India' drive launched last September included laying out a model of "port-led" development that would support industrial growth.
The RBI's next policy review is set for Sept. 29.
Companies are still struggling to recover from years of exuberance.
Finance Minister Arun Jaitley sought parliament's approval on Friday to increase the spending budget for this fiscal year by $4 billion, with almost half to be used to inject extra capital into state banks struggling with bad loans.
Economists and investors want RBI to retain independence in setting rates
India plans to phase in cash transfers of food and kerosene subsidies from September, saving 10-15 per cent of the $21 billion in annual outlays on the benefits by eliminating fraud, a senior finance ministry official said on Thursday.
India's current limit of $25 billion for ownership of government bonds by FIIs is fully utilised, leading to calls for increasing it
Worries over Greece sparked a sell-off in emerging markets on Monday
Overhauling India's bloated and often sluggish state banks is critical for the government
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