News: RBI appoints Shaktikanta Das as the new Governor

Appointments

RBI appoints Shaktikanta Das as the new Governor

Post the resignation of Urjit Patel, RBI announces the appointment of Shaktikanta Das as its new Governor.
RBI appoints Shaktikanta Das as the new Governor

The Reserve bank of India, yesterday announced the appointment of Shaktikanta Das as its new Governor. This was a quick appointment, a day after the announcement of Urjit Patel’s sudden resignation.

Having served as an economic affairs secretary from 2015-2017 and working closely with the bank, Das now takes over as the 25th RBI Governor. It was PM Modi who had moved Das to economic affairs from his position in the Finance Ministry heading the revenue department. He has had extensive experience in the budget division under both the Modi government and the previous Congress-led coalition. At present, he is also the country’s representative at the G20 summits and a member of the Finance Commission of India.

Das was not only instrumental in driving the controversial demonetization scheme but was also openly in favour of it. Being a bureaucrat and being vocal about his preference for withdrawing high-value notes had put him in the center of debate, speculation and controversy but hopefully, that wave has washed over and he will be welcomed in his new role with an open mind.

He comes forth as a man willing to change set systems and processes. In 2017, he was critical of the methodology that the global rating agencies followed and pursued a sovereign rating upgrade.

With Patel’s resignation and Das’ appointment, the undeniable flavor of the feud between the central bank and the government persists. With RBI pursuing autonomy and citing differences in opinion and stance regarding liquidity, credit flow and the controls prevailing in weak banks, Das steps into the rather politically charged environment with a lot to prove and stabilize. It makes one ponder over how (if at all) people in leadership roles can mollify and placate disruptive environments, work towards achieving more than an impasse and lead change.

 

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Topics: Appointments, Leadership

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