 He was also skeptical of the Food Security Bill in light of the rising fiscal deficits.On 6 August 2013 it was announced that Rajan would take over as the Governor of the Reserve Bank of India for a term of 3 years, succeeding Duvvuri Subbarao.On 5 September 2013 he took charge as the 23rd governor, at which point he took a leave of absence from the University of Chicago Booth School of Business.