Raghuram Rajan has been named as the latest governor at the Reserve Bank of India. He presently works as the chief economic adviser to the Indian government and was hotly tipped for the role.
Rajan is also a successful academic, as a professor of finance at the University of Chicago Booth School of Business. He served as the International Monetary Fund's (IMF) youngest-ever chief economist.
He replaces Duvvuri Subbarao, whose five year term ends on the 4 September. Subbarao's last monetary policy statement was held on Tuesday, as the central bank cuts its growth forecast for the year from 5.7 per cent to 5.5 per cent.