Prime Minister has approved the appointment of Dr. Raghuram Rajan as the Governor of Reserve Bank of India (RBI) for a term of three years, vice Dr. D. Subba Rao upon completion of his (Dr. Rao’s) tenure .Dr Rao will be completing his tenure on 4.9.2013.

Appointment of Governor of Reserve Bank: executive approval for a fixed-term governor to succeed outgoing incumbent. The Prime Minister approved the appointment of Dr. Raghuram Rajan as Governor of the Reserve Bank of India for a term of three years, to succeed the incumbent upon completion of his tenure; the press release serves as the official executive announcement of this fixed-term central bank appointment and succession.