Raghuram Rajan is telling me how he dislocated his shoulder playing squash last month.

“In my zeal to get at the ball, I ran into a wall,” he says, a sheepish grin emanating from beneath his subtly greying temples. “This is after 25 years of playing squash… You’re supposed to use your footwork to stop quite far [before that], but I was just running and I didn’t know where I was, and just…” He claps his hands together.