RBI and Fin Min coordination at its best, says Shaktikanta Das in his farewell address

Shaktikanta Das underlined the need to restore the inflation-growth balance as a key task ahead for RBI, which the new governor will take forward.

Reserve Bank Governor Shaktikanta Das underscored the strong coordination between RBI and the Finance Ministry during the last six years, which he said has been at its best, as he wrapped up his term as the Governor on December 10.

The governor addressed media on his final day at RBI, and said the institution will face the continuing challenge of cyber security, but it will need to 'harness' the positive benefits from the new technology as well. He mentioned CBDC as having a huge potential, calling it the 'future of currency'.

The governor had recently said that the CBDC pilot is still at an 'experimental stage', and the central bank is on the learning curve. "We are not in hurry to launch the CBDC. We will launch it when we are fully satisfied," Shaktikanta Das had said in November.

"We have given lot to attention to cyber security. That is a continuing task. It will be a continuing challenge for every central bank including RBI," Shaktikanta Das said during the interaction with journalists in RBI headquarters in Mumbai on his final day at office.

Shaktikanta Das, who will be demitting office after six years, also underlined the need to restore the inflation-growth balance as a key task ahead for RBI, which the new governor will take forward. The Indian economy is resilient and robust, with capacity to deal with global spillovers very effectively, he said.

The third quarter GDP showed that the economy had slowed down to a seven-quarter low due to weakness in manufacturing and mining sectors, prompting calls for central bank action. The RBI cut the cash reserve ratio (CRR), while holding the key interest rates during its December MPC review.

During his tenure, Shaktikanta Das had launched several innovative products involving the UPI, which he said has emerged as a 'pioneer' in the global payments system. He added that he will be closely watching the pan-India rollout of the Unified Lending Interface, a digital platform to streamline and speed up the loan approval process. The ULI is expected to help borrowers avail credit while ensuring that lenders process customer information with ease. Read more here.

The outgoing Governor also pointed out that the supervisory methods of the central bank has 'significantly improved' and are 'much sharper' now.

Shaktikanta Das underscored his wide-ranging 'consultative approach' during his six-year tenure, which he had outlined at the start of his term, and also highlighted his emphasis on the need for financial inclusion.

He also hoped that the incoming Governor Sanjay Malhotra would carry forward the initiatives such as CBDC and ULI, aside of promoting financial inclusion.

Revenue Secretary Malhotra will take over as the central bank chief on December 11.