Shaktikanta Das: Man in charge of demonetisation, GST rollout is new RBI governor

On March 27, Reserve Bank of India (RBI) governor Shaktikanta Das announced a massive 75 basis points cut in repo rates as a measure to counter the economic slowdown caused by the COVID-19 pandemic. Here are key takeaways from RBI’s press conference announcements. (Image: PTI)

After the sudden exit of Urjit Patel from the Reserve Bank of India, the government brought in Shaktikanta Das, a member of the 15^th finance commission, to head the central bank on December 11. Das is an old confidant of the current dispensation, as he led the government's top secret and controversial demonetisation drive.

Das was secretary in the department of economic affairs in November 2016, when Prime Minister Narendra Modi announced banning of Rs 500 and Rs 1000 notes, sending shockwaves across India. Das was entrusted with the responsibility of normalising the government's tuning with the central bank and keep the markets calm during this transition.

As the Economic Affairs secretary, Das was responsible for explaining the policy and communicating various developments to the public that came after the note ban.

During media briefings, Das was repeatedly asked about then Governor Urjit Patel's silence on an enormous decision like this. "It is not relevant who speaks. I am speaking on behalf of the government, not in my individual capacity. The idea is that the government should communicate and give out all the information," he had said.

Das was appointed revenue secretary in 2014 and he served as the economic affairs secretary from 2015 to 2017. He was also instrumental in the rollout of the Goods and Services Tax (GST). He worked with Finance Minister Arun Jaitley and state finance ministers closely as revenue secretary, to draw up legislation for the tax.

Das had been a contender for this post in 2016 when the government chose Urjit Patel, instead of extending Raghuram Rajan’s tenure.