Chief Economic Advisor Raghuram Rajan has been appointed as the new Governor of Reserve Bank of India. He succeeds incumbent D Subbarao who retires in September. Prime Minister Dr Manmohan Singh today approved the new Governor's appointment for a period of three-years. Mr Rajan had earlier served as Chief Economist of International Monetary Fund.Making a statement after his appointment Dr. Rajan said, the Government and the Reserve Bank are working together to address the challenges being faced by Indian Economy. He also said that the RBI is a great institution with a tradition of integrity, independence and professionalism. He added that he looks forward to working with the many dedicated employees of the RBI to continue these traditions.