Will Try to Uphold Autonomy & Credibility of RBI: Shaktikanta Das

13 December, 2018, 21:41 | Author: Corey Lynch
  • Newly appointed Reserve Bank of India governor Shaktikanta Das interacts with the media at the RBI headquarters in Mumbai Wednesday

Patel, who had said he was resigning for personal reasons, and his predecessor Raghuram Rajan are economists. It was expedited as the government didn't want the post to remain vacant at a crucial juncture.

Das's appointment has been cleared for a three-year tenure by the Prime Minister's Cabinet.

In addition to shepherding the Insolvency and Bankruptcy Code to fruition, Das had a huge role in establishing the six-member Monetary Policy Committee, which sets interest rates, and making the central bank move towards an inflation-targeting strategy. Now that he's moving to the regulatory side, Das may even have to resist some of the ideas he supported when in government.

Goyal, who also is the rail minister, termed the speculation about government wanting to use the excess RBI capital (which is around Rs 9.6 trillion) for bridging the fiscal gap as a "canard".

As economic affairs secretary from 2015 to 2017, Das has worked closely with the central bank.

A 1980 batch Tamil Nadu batch IAS officer, Das took charge as as Union revenue secretary in June 2014. I don't know whether the government-RBI relationship is blocked, but I feel stakeholder consultations have to go on.

Das was the key man behind the planning and execution of demonetization drive.

He was also the brain behind rolling out of the Goods and Services Tax (GST). "It is the banking sector on which I would like to focus on immediately", he said.

The government, which is facing cash-crunch ahead of the elections and already drawn down nearly 104 percent of the budgeted borrowing, wants at least a third of the Rs 9.6 trillion cash reserves that the central bank sits on and the RBI is not ready to part with any. These lenders collectively control around a fifth of the credit and deposits in the system, thus crimping credit flow to the industry- something a poll-bound government is keen to resolve.

On his first day in office as the 25th Governor of the RBI, Shaktikanta Das on Wednesday spoke about upholding the autonomy and integrity of the central bank and the need for free, fair and frank discussions between the government and the RBI. It's an honour and great opportunity to serve RBI.



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