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The tenure of Reserve Bank of India (RBI) Governor Shaktikanta Das is ending today (December 10). Shaktikanta Das was made the RBI Governor on 12 December 2018. His tenure was later extended for three years. In his place, the Union Cabinet has appointed Sanjay Malhotra as Governor. Sanjay is taking charge tomorrow (11 December).
Tuesday will be Shaktikanta Das’s last day in the governor’s office after six years at the helm of India’s central bank. During his tenure, Das’s success rate was higher than failure. He brought India’s financial system out of many challenges. Das’s work was greatly appreciated during Corona. In such a situation, let us see 5 works related to the name of Das…
Elected world’s top banker twice consecutively
Shaktikanta Das was elected the world’s top central banker for two consecutive times in 2023 and 2024. Shaktikanta Das got A+ grade in Central Bank Report Card 2023 and 2024. This award is given by Global Finance in Washington DC, America. Shaktikanta Das was given this honor for control on inflation, economic growth, stability in currency and control on interest rates.
Economy kept stable between Corona epidemic and war
As RBI Governor, Das played a key role in keeping the Indian economy stable during crises like the Corona pandemic, the Russia-Ukraine war and the Israel-Hamas conflict, the most volatile period for India and the world. During Corona, under the leadership of Das, RBI implemented new and old economic policies and measures to maintain liquidity and asset quality.
Saved Yes Bank and Lakshmi Vilas Bank from collapse.
Apart from this, the challenges which Das successfully faced included the IL&FS crisis. Due to this, non-banking finance companies (NBFCs) suffered huge losses. He saved Yes Bank and Lakshmi Vilas Bank from collapse.
Repo rate reduced to 4% to boost growth
When Das took charge in 2018, the repo rate was at 6.50%. Under his leadership, RBI reduced it to 4% to promote economic growth and later increased it again to 6.50% to control inflation.
Contribution of Central Banks in reducing NPA and increasing profits. During his tenure, Das brought down the non-performing asset NPA of listed banks to a low of 2.59% by September 2024, compared to 10.38% in December 2018. During this period, there was also a jump in the profitability of banks and banks registered a profit of Rs 2.63 lakh crore in the financial year 2023, whereas in the financial year 2018, the banks had suffered a loss of Rs 32,400 crore.
Shaktikanta Das is a 1980 batch IAS officer.
Shaktikanta Das is a 1980 batch IAS officer. He is an officer of Tamil Nadu cadre. Till May 2017, he was the Secretary of Economic Affairs. He became the 25th Governor of the country. Even when demonetization took place in November 2016, Das was on the main front.
Das has held various positions. Das also served as a member of the 15th Finance Commission. Das has represented India in BRICS, International Monetary Fund and SAARC. He is a post graduate from Stephen College, Delhi.
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Sanjay Malhotra will be the new Governor of RBI: Will take charge on December 11, replacing Shaktikanta Das, who has been governor for 6 years.
The government has appointed Revenue Secretary Sanjay Malhotra as the new Governor of the Reserve Bank of India (RBI). He will be the 26th Governor of RBI and will replace the current Governor Shaktikanta Das.
Das’s term ends on December 10, 2024. Malhotra will take over as Governor from December 11. The Cabinet has today approved the appointment of Sanjay Malhotra on 9th December.
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