India's banking sector, dominated by more than two-dozen state-run lenders, has been hobbled by its highest bad-loan ratio.
Rajan said an interest rate cut won't by itself lead to higher economic growth
An investigation by the government into whether Wal-Mart Stores Inc violated local investment rules in 2010 has been referred to the Reserve Bank of India (RBI), officials familiar with the matter said.
Modi will also need to reconcile market demands with those from forces within his own administration
Retail inflation has eased from double digits in 2013.
While a pick-up in summer monsoon rains in recent weeks is expected to cool food inflation, most analysts don't anticipate another rate cut before a new governor is on the job
Urjit Patel's reappointment will raise market hopes that Rajan, will also be offered an extension when his tenure ends in September.
India has asked refiners that owe about $6.5 billion to Iran for oil imports to build up dollar and euro balances to avoid downward pressure on the rupee if six world powers and Tehran reach a final nuclear deal.
Indian Economy poised for growth, say experts.
From parity in 1980, China's economy has outgrown India's fivefold to $10 trillion
Most immediately, he pledged to move slowly if needed in winding down an oil window that provides dollars directly to state-run oil companies
Benchmark 10-year bond yields hit a 13-month peak as bond traders priced in more aggressive monetary easing next year.
The first signs of growing bonhomie between Modi and Rajan came early last year, when Modi called Rajan the "best teacher" for explaining complex economic issues to him.
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