IIMA alumni Raghuram Rajan is new RBI Governor

New Delhi, 6 August 2013

Raghuram Rajan (born 3 February 1963) currently the country’s chief economic advisor to the Finance Ministry has been appointed the Reserve Bank of India’s (RBI) governor for three years. Rajan will replace D Subbarao in September, whose tenure ends on Sept. 4 after five years. Prime Minister Manmohan Singh has approved the appointment of Raghuram Rajan. Rajan takes over the job at a time when the country’s economy is going through one of its toughest times. The rupee has plunged to a record low and economy is growing at its lowest pace in a decade.

Raghuram Rajan was born to an Indian diplomat in Bhopal in 1963. He was abroad till his 7th year of school and then did the rest of his schooling in Delhi. In 1985, he graduated from the Indian Institute of Technology, Delhi with a bachelor’s degree in electrical engineering, and he completed the Post Graduate Diploma in Business Administration at the Indian Institute of Management Ahmedabad in 1987. Rajan was a gold medalist in IIT Delhi and IIM Ahmedabad. He received a PhD in management from the Massachusetts Institute of Technology (MIT) in 1991 for his thesis titled “Essays on Banking”.