Raghuram G. Rajan will take over as the 23rd Governor of the Reserve Bank of India today. 

An alumnus of IIT Delhi (1985) and IIM Ahmedabad (1987), Rajan takes over from D. Subbarao whose five-year term ends today.

The 50-year old economist was earlier Chief Economic Advisor, Ministry of Finance, a post that he held for about a year.

Earlier, he has also been Chief Economist of the International Monetary Fund and Professor of Finance at the Booth School of Business at the University of Chicago.

The handover ceremony, which will see Rajan take over his new assignment, is scheduled for 3 p.m. this afternoon at the Reserve Bank of India central office building in Mumbai. 

Rajan will have to sign a 65-year-old scroll, made of toughened paper, that bears the signatures of all governors and deputy governors of the RBI.