Chief Economic Advisor Raghuram G. Rajan has been appointed as the next Governor of the Reserve Bank of India. Prime Minister Manmohan Singh has approved appointment of Raghuram Rajan as Governor of RBI for a term of three years. Rajan, who will be the 23rd Governor of the central bank, will replace D Subbarao, who completes his five-year term on September 4. Rajan, a former IMF chief economist, was appointed as the Chief Economic Advisor in the Finance Ministry in August last year.As the new RBI chief, Rajan will have a challenging time as he will have to battle the declining rupee, sliding growth and rising retail inflation, amid global economic uncertainty. Rajan was acclaimed for predicting the 2008 global financial crisis.