Raghuram Rajan to take over as RBI Governor today

Chief Economic Advisor, Dr. Raghuram Rajan, will take over as the Reserve Bank of India (RBI) Governor today.

Dr. Rajan, who will be the 23rd Governor of RBI, had last month said the government and the central bank are working together to address the challenges of the Indian economy.

"These are challenging times for the Indian economy. The Government and the Reserve Bank are working together to address these challenges. We do not have a magic wand to make the problems disappear instantaneously but I have absolutely no doubt that we will deal with them," he had said.

Prime Minister Dr. Manmohan Singh had last month approved the appointment of Dr. Rajan as the 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 today.

Dr. Rajan was earlier economic adviser to Prime Minister Dr. Manmohan Singh and headed the committee on financial reforms appointed by the Planning Commission. Dr. Rajan also served as Eric J. Gleacher Distinguished Service Professor of Finance at the Booth School of Business at the University of Chicago.

He was 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).