Revenue Secretary Sanjay Malhotra will succeed Shakti Kanta Das as the 26th Governor of RBI.
Shaktikanta Das will step down today after completing six years as the 25th Governor of the Reserve Bank of India.
Shakti Kanta Das addressed a press conference on Tuesday, hours before his tenure as the Governor of the Reserve Bank of India ends. He outlined the central bank’s immediate priorities, stressing the importance of rebalancing inflation and growth.
Outgoing RBI Governor He further said that coordination between Finance Ministry and RBI has been excellent in last 6 years.
New Governor of RBI Sanjay Malhotra He has vast experience, I am sure he will do his best.
Shaktikanta Das will step down today after completing six years as the 25th Governor of the Reserve Bank of India. He was appointed as the Governor on 12 December 2018 after the sudden resignation of Arjit Patel.
Revenue Secretary Sanjay Malhotra will succeed him as the 26th governor on Wednesday.
Das’s remarks come at a time when India is battling it out. Inflation Pressure due to volatile commodity prices and global financial tightening.
The RBI Governor also reiterated the central bank’s commitment to strengthen financial sector resilience, ensure adequate credit flow and promote digital innovation in banking services.
Earlier, he thanked all stakeholders in a series of posts on social platform X.
“Will leave office as Governor RBI Thank you all for your support and well wishes after today,” Das posted on social media platform X.
He thanked Prime Minister Narendra Modi and Finance Minister Nirmala Sitharaman for their support during his tenure.
“Extremely grateful to Hon’ble PM @narendramodi for giving me the opportunity to serve the nation as Governor RBI and his guidance and encouragement. I have benefited greatly from his thoughts and ideas,” the post added. said
A big thanks to the entire RBI team. Together, we successfully navigated an extraordinarily difficult period of unprecedented global shocks. May God bless RBI as an institution of trust and credibility. My best wishes to each of you. (5/5) — Shaktikanta Das (@DasShaktikanta) 10 December 2024
“Heartfelt thanks to Hon’ble FM @nsitharaman for his continued patronage and support. Fiscal-fiscal coordination at its best and helped us overcome multiple challenges during the last six years.
Recognized stakeholders
Das also said, “I thank all the stakeholders in the financial sector and the economy. Experts and Economists; Industry bodies and associations; Organizations in agriculture, cooperatives and service sectors for their information and policy suggestions.”
Special mention to the RBI team
Das also praised the role of the RBI team.
“Many thanks to the entire RBI team. Together, we have successfully navigated an exceptionally difficult period of unprecedented global shocks. May God bless RBI as an institution of trust and credibility and So be it. My best wishes to each of you.”
Shakti Kanta Das: Journey
Das has twice been ranked as the top central banker by the US-based Global Finance magazine.
He chaired his last meeting of the rate-setting panel – the Monetary Policy Committee (MPC) – last week.
Shortly after taking charge of the Mint Street office, he gave confidence to a market shaken by Patel’s sudden resignation amid a tussle between the RBI and the government over the surplus transfer issue.
He not only addressed market concerns but deftly resolved issues related to transfer of surplus to the government.
Barely a year after Das took charge as the RBI governor, Covid took the world by storm. As a key economic policy maker, Das had a tough time managing the disruptions caused by the lockdown. He chose to cut the policy repo rate to a historic low of 4 percent, continuing the low interest rate regime for nearly two years to help the economy hit hard by the lockdown.
With the economy recovering from the effects of COVID-19, the Monetary Policy Committee (MPC) chaired by Das raised interest rates sharply from May 2022 to prevent the economy from overheating and keep inflation under control. can go
His re-appointment led to his handling of difficult fiscal conditions, controlling inflation and boosting growth. The government extended his tenure for another three years in 2021.
Das was instrumental in ensuring that economic growth remained above 7 percent in the last 4 years of his 6-year tenure.
His rule has always been in line with what the Narendra Modi government wanted at the helm of the RBI after successive stints of Raghuram Rajan and Arjit Patel, which led to constant conflict between the RBI and the North Block, home of the finance ministry. were affected by the cause. .
Not even once has the issue of RBI’s independence hit the headlines since he took over. Das has been outspoken and accessible to his colleagues and the media, and is an agreeable man who has kept the communication channels alive with the bosses in Delhi.
Earlier this year, the central bank paid the highest ever dividend of Rs 2.11 lakh crore.
Before joining the RBI, he led Prime Minister Narendra Modi’s 2016 demonetisation campaign while the then RBI Governor Arjit Patel sidestepped the entire process.
Stability of the financial system was a key agenda, with Das keeping a close eye on certain segments as well as errant players and taking preemptive steps wherever necessary.
Das, a 1980-batch IAS officer, served as Secretary in the Department of Revenue and Department of Economic Affairs. After retirement, he was appointed as a member of the 15th Finance Commission and India’s G20 Sherpa.
Das has vast experience in various areas of governance over the past 38 years. He has held important positions in central and state governments in finance, taxation, industries and infrastructure.
During his long tenure in the Finance Ministry, he was directly involved in the preparation of eight Union Budgets.
Das is a post-graduate from St. Stephen’s College, Delhi University.