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DR. RAGHURAM RAJAN has been appointed as Governor of Reserve Bank of India (RBI) for a term of three years. Currently Dr. Raghuram Rajan is acting as Chief Economic Adviser, Ministry of Finance. Dr. Raghuram Rajan is appointed in the place of retiring Governor Dr. D Subba Rao upon completion of his tenure.
Dr. Raghuram addressed that Reserve Bank (RBI)is a great institution with a tradition of integrity, independence and professionalism. He said that he looks forward to working with the many dedicated employees of the RBI to continue these traditions, even though he will miss his colleagues at the Finance Ministry.
Dr Raghuram said that these are challenging times for the Indian economy, though no one can have any doubt about the country’s promise. The Government and the Reserve Bank are working together to address these challenges, he added. Dr Raghuram said that we do not have a magic wand to make the problems disappear instantaneously. But he has absolutely no doubt that we will deal with them, he added. In the end, he thanked everybody for their good wishes.