Shaktikanta Das is a retired 1980 batch Indian Administrative Service (IAS) officer of the Tamil Nadu cadre, who is currently serving as the 25th Governor of the Reserve Bank of India (RBI). He was appointed the Governor of the central bank in December 2018. His tenure was recently increased by three years “beyond 10.12.2021 or until further orders” by the Appointments Committee of the Cabinet. In his capacity as the RBI Governor, Das has played an important role in steering the country through the economic crisis that befell after the outbreak of the coronavirus pandemic. Several measures were announced by the RBI under his guidance to help the country regain its financial stability and stay afloat through the global health crisis. While serving as an IAS officer, Shaktikanta Das had worked for both the Government of India and the Tamil Nadu government in various capacities, such as, the Economic Affairs Secretary, the Revenue Secretary, and Fertilizers Secretary. He had also served as India’s Alternate Governor in the World Bank, ADB, NDB, and AIIB. He had also served as a member of the Fifteenth Finance Commission of India. Additionally, the RBI Governor has represented India in various international forums such as the International Monetary Fund, G20, BRICS, SAARC, etc. More
At present, India is in free trade agreement negotiations with the US, the EU, Peru, Oman, and New Zealand, among several others
On Saturday, the government appointed Das, who served a six-year term as RBI Governor until December, as a second principal secretary to the PM, a newly created position.
Shaktikanta Das has also acted as India's G20 Sherpa and member, 15th Finance Commission.
Sanjay Malhotra was appointed as the 26th Governor of the RBI on December 11, after serving as Revenue Secretary from December 2022 to 2024.
If former Prime Minister Narasimha Rao would be remembered for quietly reforming the country in 1991, Das will be remembered as RBI’s very own Narasimha Rao. He brought about certain critical changes in the way banks and NBFCs operated and ensured that everyone towed the line
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.
Both his entry and exit as RBI Governor were unexpected. He managed RBI leadership rather well against all odds, supported ably by the RBI staff. His tenure would be remembered for the way RBI handled the pandemic, with his sense of calm providing comfort to both the central bank and financial markets
In a farewell message, Das expressed gratitude for the opportunity to serve the nation and acknowledged the support he received during his term.
Das’s six years in office saw him steering monetary policy through a pandemic bringing the world down to its knees, a banking crisis roiling the world's largest economy, two major wars and raging inflation.
Few would have thought at the start of his first term in 2018 that, with a post-graduation in history, Das could have led the RBI to achieve this level of economic, financial, and technological success. History has taught him a lot.
Sanjay Malhotra, the current Revenue Secretary, has been appointed as the next Reserve Bank of India (RBI) Governor, succeeding Shaktikanta Das. Malhotra, a 1990-batch IAS officer from the Rajasthan cadre, is an IIT-Kanpur alumnus with a Master's from Princeton University. With over 33 years of experience in sectors like finance, taxation, and IT, he has played a key role in shaping tax policy and achieving buoyant tax collections. Das, who served as RBI Governor since 2018, contributed significantly to India's financial sector, working on eight Union Budgets and representing India in global institutions like the World Bank and ADB.
"However, the cut in the CRR by 50 bps would help support growth, after the sharp downward revision in the forecast for FY2025."
Decoding Monetary Policy Statement by RBI Governor Shaktikanta Das, RBI Governor. Catch Nandita Khemka in conversation with Rajani Sinha, Chief Economist, CareEdge Ratings and Mayuresh Joshi, Head of Equity Research, William O’Neil India.
RBI MPC Meeting Live: Effort is to keep inflation horse on a tight leash, Shaktikanta Das says
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Sources say his tenure may extended by up to two years. The final decision will be made by the Appointments Committee of the Cabinet (ACC), and an official communication from the government is expected soon
There is no cause for concern, an RBI spokesperson said.
In the last few months, India’s CPI inflation remained on the upward trajectory due to persistent pressure from the food prices. The consumer price inflation touched a 14-month high of 6.21 percent in October, which, according to economists, might have reduced MPC’s room to cut the repo rate in the immediate future
Das was one of the most trusted bureaucrats in Prime Minister Narendra Modi's administration before he was appointed to lead the Reserve Bank of India in December 2018
Last week, Piyush Goyal said that the RBI should 'definitely cut interest rates'. On this, RBI governor Shaktikanta Das quipped that he will 'reserve' his comments for the upcoming monetary policy in December
Das further said that the Indian banking sector is transitioning through a time which is replete with opportunities as well as risks and challenges.
Das acknowledged that the financial system will continue to encounter new challenges.
In this challenging environment, government bond yields are rising globally, says Shaktikanta Das at CNBC-TV18 Global Leadership Summit