The Prime Minister, Dr. Manmohan Singh, has approved the appointment of Dr. Raghuram Rajan as the Reserve Bank of India (RBI)
Governor for a term of three years vice Dr. D. Subba Rao upon completion of his tenure.
Dr. Subba Rao will be completing his tenure on September 4, 2013.
Dr. Raghuram Rajan was earlier economic adviser to Prime Minister Dr. Manmohan Singh and headed the committee on financial reforms appointed by the Planning Commission.
Dr. Raghuram Rajan, who will be the 23rd Governor of RBI, also serves as Eric J. Gleacher Distinguished Service Professor of Finance at the Booth School of Business at the University of Chicago. He is also a visiting professor for the World Bank, Federal Reserve Board, and Swedish Parliamentary Commission.
He formerly served as the president of the American Finance Association and was the chief economist of the International Monetary Fund (IMF).