<h1>Appointment of Governor: executive statutory appointment established a three year term with transitional officer on special duty for overlap.</h1> The Government, invoking its powers under Section 8 of the Reserve Bank of India Act, appointed Dr. Raghuram Rajan as Governor of the Reserve Bank for a three year term and designated him as Officer on Special Duty for a limited pre commencement period to provide an operational overlap with the outgoing Governor.