Shaktikanta Das has been appointed the new governor of the Reserve Bank of India (RBI) for 3 years, a day after Urjit Patel gave in his resignation from the position. Das, 61, is the former finance secretary and is currently a member of the Federal Finance Commission, and one of India’s serving G20 representatives.
The Department of Personnel Training stated in a statement, “The Appointments Committee of the Cabinet (ACC) has approved the appointment of Shri Shaktikanta Das, IAS Retd. (TN:80), former Secretary, Department of Economic Affairs, as Governor, Reserve Bank of India (RBI) for a period of three years”.
Shaktikanta saw fire for his pro-demonetisation stance and he was the most visible and vocal bureaucrat at the time PM Modi withdrew the high-value banknotes in 2016, as per the Reuters. He was earlier seen to be as one of the top contenders for the same position after the exit of Raghuram Rajan but Urjit Patel was selected for the top job.
The former IAS officer of the Tamil Nadu cadre has also been critical of rating agencies for denying India a sovereign upgrade.
“It would appear that rating agencies are several steps behind the prevailing reality. At least, so far as India is concerned, that seems to be the case,” he told news agency PTI in February 2017, when he was the Economic Affairs Secretary. Shaktikanta served as DEA Secretary from August 2015- May 2017.”
It was on Monday that Urjit Patel gave in his resignation as RBI governor citing personal reasons. However, his resignation followed a series of events that led to several controversial issues between the central bank and the government, which deputy governor Viral Acharya signaled were undermining the autonomy of the RBI.