Rbi governor

Shaktikanta Das will start his extended three-year tenure as the Reserve Bank of India (RBI) governor from Friday. The decision for this extension was taken by the appointments committee of the cabinet headed by Prime Minister Narendra Modi. Shaktikanta Das was appointed as the central bank's governor in December 2018.(File photo) "The Appointments Committee of the Cabinet has approved the reappointment of Shaktikanta Das as Reserve Bank of India Governor for three years beyond 10.12.2021 or until further orders, whichever is earlier," according to an official statement on October 29. Also Read| RBI keeps key rates unchanged to spur economic recovery During his ongoing role as the central bank's governor, Das played a crucial role in steering the Indian economy amid the coronavirus disease (Covid-19) pandemic. Under his supervision, the RBI announced over 100 measures to maintain financial stability and push growth during the pandemic. Das was appointed as the central bank's governor in December 2018. According to news agency PTI, this extension is longer than the norm of a two-year term in the last 20 years. He is the fifth governor to get tenure this long as RBI governors are usually given a five-year term. If completed, Shaktikanta Das will be the longest-serving governor of the central bank after Sir Benegal Rama Rau, who was in office for 7 years and 197 days between July 1, 1949, and January 14, 1957. Before him, the other four governors who served office for more th...

Reserve Bank of India governor Shaktikanta Das was honoured with the title of ‘Governor of the Year’ for 2023 by Central Banking in London. The organisers of the awards said that Shaktikanta Das “cemented critical reforms, overseen world-leading payments innovation, and steered India through difficult times with a steady hand and well-crafted turn of phrase”. Wishes poured in from all quarters after news of the award emerged on Wednesday. The RBI governor is behind critical reforms, and has ensured smooth management of world-leading payments innovation and led India through difficult times, said the organisers. “The RBI governor has cemented critical reforms, overseen world-leading payments innovation and steered India through difficult times with a steady hand and well-crafted turn of phrase," the organisers said in a statement. He was recommended for the award by the publication in March 2023. He was awarded the title for his leadership of the central bank during global turmoil and tough situations. He managed India’s central bank, and ultimately the whole banking system with finesse during the COVID-19 pandemic, significant non-banking companies, the Russia-Ukraine war, etc. Shaktikanta Das held the position in December, 2018. Months before his appointment, India’s major Non-Banking Financial Company (NBFC) went bankrupt, triggering a liquidity crunch. The NBFC fallout also revealed huge deficiencies in the business models of several mid-sized banks that were heavily de...

RBI Governor Shaktikanta Das was honoured with the title of ‘Governor of the Year’ for 2023 by Central Banking in London. Das has been awarded the title for his leadership of the central bank during global turmoil and tough situations. “The RBI governor cemented critical reforms, overseen world-leading payments innovation, and steered India through difficult times with a steady hand and well-crafted turn of phrase,” said the organisers of the awards. The organisers further said the RBI governor is behind critical reforms and has ensured smooth management of world-leading payments innovation and led India through difficult times. They credited Das for shepherding the bankruptcy code back into legality, pushing banks to raise more capital, restructuring the RBI to create a standalone supervision department and establishing a College of Supervisors to train the next generation. The organisers also credited the RBI governor for “appearing as a voice of calm amid the fear” during the COVID-19 pandemic and steering the central bank deftly between intense political pressure and economic disaster. The RBI governor has also been credited for overseeing the project around UPI, and pushing the country on the forefront of the pack of central bank digital currency (CBDC). The statement also mentioned Das’ opposition to crypto assets in India. Das, who took the charge of the post in December, 2018, is the second Central Bank governor to be honoured with the award after Raghuram Rajan, w...

“As per our current assessment, the disinflation process is likely to be slow and protracted with convergence to the inflation target of 4 percent being achieved over the medium-term,” Das said in his address at the Summer Meetings organised by Central Banking in London. He said there have been signs of some softening in inflation in recent months, with the consumer price inflation coming down from the 7.8% peak in April 2022. The RBI’s inflation projection for the current financial year 2023-24 is lower at 5.1%, but reminded that the number will still be above the 4% target. As per the official data released on Monday, the headline inflation has eased to 4.25% for May. MUMBAI: The Reserve Bank of India expects the disinflation process in the country to be slow. With Gross Domestic Product (GDP) growth of 6.5% in the current fiscal, India will remain among the fastest-growing large economies, said RBI governor Shaktikanta Das on Tuesday. “As per our current assessment, the disinflation process is likely to be slow and protracted with convergence to the inflation target of 4 percent being achieved over the medium-term,” Das said in his address at the Summer Meetings organised by Central Banking in London. He said there have been signs of some softening in inflation in recent months, with the consumer price inflation coming down from the 7.8% peak in April 2022. The RBI’s inflation projection for the current financial year 2023-24 is lower at 5.1%, but reminded that the numb...

“Indian economy and financial sector stand out as resilient and the domestic macro fundamentals are strengthening," Das added. “Current account deficit is expected to have moderated and remain eminently manageable in 2023-24. Th rupee remained stable since January this year and India’s foreign exchange reserves stood at $595.1 billion as on June 2," the RBI Governor further said. India's currency in circulation fell for a second week in a row after the central bank removed the largest denomination note in May, urging citizens to deposit it with different banks in an effort to support lender deposits. The amount of money in circulation decreased by 272.8 billion rupees ($3.30 billion) during the week ending June 2, according to figures released late on Wednesday by the Reserve Bank of India (RBI). In the week ending May 26, it decreased by 364.9 billion rupees.

The chief of the Reserve Bank of India, Shaktikanta Das was honoured with the title of ‘Governor of the Year’ for 2023 by Central Banking in London. Central Banking is an international economic research journal. The award recognised his role as the RBI chief in managing inflation and skilfully handling India's banking system during crises like COVID pandemic and global turmoils. "The RBI governor has cemented critical reforms, overseen world-leading payments innovation and steered India through difficult times with a steady hand and well-crafted turn of phrase," the organisers said in a statement. Also Read: He was recommended for the award by the publication in March 2023. He was awarded the title for his leadership of the central bank during global turmoil and tough situations. He managed India's central bank, and ultimately the whole banking system with finesse during COVID-19 pandemic, significant non-banking companies, Russia-Ukraine war, etc. Shaktikanta Das steered India through COVID Pandemic and IL&FS crisis Shaktikanta Das held the position in December, 2018. Months before his appointment, India's major Non Banking Financial Company (NBFC) went bankrupt, triggering a liquidity crunch. The NBFC fallout also revealed huge deficiencies in the business models of several mid-sized banks who were heavily dependent on NBFCs. Afterwards, several other banks like Punjab and Maharashtra Co-operative Bank, also collapsed. Also Read: Moreover, he is the second Central Bank g...

MUMBAI, Oct 29 (Reuters) - India has re-appointed central bank governor Shaktikanta Das for three more years or until further orders, in a move welcomed on Friday by markets and economists. Under Das, the Reserve Bank of India (RBI) has cut key interest rates to record lows and infused massive rupee liquidity into the banking system to shore up an economy hit by the COVID-19 pandemic. The cabinet's appointments committee approved the decision to re-appoint Das late on Thursday. He first took the helm in December 2018, moving from the position of secretary of the department of economic affairs in the finance ministry. The extension is longer than the norm of a two-year term in the last two decades but analysts said that was probably because of the economic situation and the work Das has done. The move is a sign of the government's "continued trust", wrote Barclays economist Rahul Bajoria. "Under Governor Das, the central bank has done the heavy lifting to support the economy through the COVID crisis, with fiscal policy playing a supportive role," he added. "We also view the governor's reappointment as a vote of confidence in the RBI's policy stance." The central bank has also played a key role in ensuring the government's massive market borrowing programme to support the economy during the pandemic went smoothly without much disruption to markets. The rupee was trading stronger at 74.74/75 per dollar by 0600 GMT from its close of 74.92, while the benchmark 10-year bond yiel...