Latest News

  • Home
  • National
  • Shaktikanta Das appointed as the new RBI Governor
Shaktikanta Das appointed as the new RBI Governor
Wednesday, December 12, 2018 IST
Shaktikanta Das appointed as the new RBI Governor

Former economic affairs secretary Shaktikanta Das was named the 25th governor of the Reserve Bank of India to succeed Urjit Patel, who quit abruptly on Monday amid a bitter dispute over the regulator’s autonomy. The appointment means that the central bank will once again be headed by a former Indian Administrative Services (IAS) officer. Patel, who had said he was resigning for personal reasons, and his predecessor Raghuram Rajan are economists. 

 
 

The government began the selection process soon after Patel’s resignation. It was expedited as the government didn’t want the post to remain vacant at a crucial juncture. The appointment will be for three years. He is likely to join at the earliest, sources told ET. 
 
Das, 63, a veteran Tamil Nadu cadre officer, will first have to work on normalising the relationship between the central bank and the government that had turned frosty in the past few months as the two differed on many issues. 
 
Das had been instrumental in establishing the monetary policy committee (MPC) and the switchover to an inflationtargeting regime, among other things. Now that he’s moving to the regulatory side, Das may even have to resist some of the ideas he supported when in government. 
 
“This will ensure continuity in monetary policymaking and regulatory measures even as the global economy is passing through uncertain times.” said Rajnish Kumar, chairman, State Bank of India. “The financial markets will also significantly benefit given his rich prior experience in fiscal policies and trade. This will also ensure a convergence of domestic and external policies." 
 
Welcoming the appointment, Niti Aayog CEO Amitabh Kant said in a tweet, “Extremely seasoned & matured official with immense experience of finance. He is a brilliant team leader, a great consensus builder & highly communicative. Will focus on India’s economic growth while ensuring RBI’s autonomy.” 
 
Indian industry welcomed the appointment and hoped Das would address liquidity concerns. 
 
“We in industry, are confident that the liquidity squeeze in the banking and non-banking financial sector, which is spilling over into the various segments of industry, would be taken up with all urgency by Das and there would be seamless flow of credit to industry and trade,” said Confederation of Indian Industry president Rakesh Bharti Mittal. 
 
Federation of Indian Chambers of Commerce & Industry (Ficci) president Rashesh Shah focused on the need to bring down real interest rates, improve liquidity and promote growth and employment. 
 
“Improving credit flow to the real economy, especially in sectors like MSME and housing is critical at this juncture,” he said. 
 
The government, which suffered a setback in state election results on Tuesday, will be keen to get cracking on programmes to accelerate economic activity and generate employment ahead of national elections next year. It has been seeking a special liquidity window for nonbanking finance companies (NBFCs) that lend to small and medium enterprises (SMEs) and create jobs in smaller towns. 
 
Finance minister Arun Jaitley told ET in an interview on Monday that while overall liquidity may have improved, some sectors still face issues 

 
 
 
 
 

Related Topics

 
 
 

Trending News & Articles

 Article
12 Early Signs Of Lung Cancer To Never Ignore

Lung cancer is usually not noticeable during the early stages. Most people are diagnosed when the disease is at an advanced stage. According to Cancer.org, it is ...

Recently posted . 7K views . 2 min read
 

 Article
11 Surprising Benefits Of Wood Apple Or Bael Fruit

The health benefits of wood apple include [1] relief from constipation, indigestion, peptic ulcer, piles, respiratory problems, diarrhea, and dysentery. It also b...

Recently posted . 4K views . 2 min read
 

 Article
10 Amazing Benefits Of Bael (Kaitha)

Bael, also known as the “Wood Apple”, is a species native to India. The bael tree is considered to be sacred to the Hindus. A famous drink known as sh...

Recently posted . 4K views . 2 min read
 

 Article
These 7 Remedies Can Remove The Milia (Milk Spots) From Your Face

Do you know what milia are? Milia is a skin condition which causes the appearance of small white hard bumps on the skin which usually appear on the face, neck or ch...

Recently posted . 4K views . 2 min read
 

 
 

More in National

 Article
Believe It Or Not, Your P.o.o.p Can Tell If You Are Healthy Or Not!

Although a lot of people find it uncomfortable to talk about their p.o.o.p, it’s very important to know certain aspects of it because it can reveal a lot abou...

Recently posted. 3K views . 3 min read
 

 Article
Put on the radio or something! Being sleepy on road is as bad as being drunk

Drivers who miss two or three hours of sleep in a day face the same risk of an accident as those who are legally drunk, according to an AAA study on the sometimes-d...

Recently posted. 649 views . 11 min read
 

 Article
Spanking Can Make Your Child Dumb And Aggressive According To Scientists

Spanking – the traditional punishment that supposedly disciplined many ‘bad’ children. Does it actually work? In the past, we had used several dif...

Recently posted. 1K views . 4 min read
 

 Video
Proper Use of Self Defense



Recently posted . 897 views
 

 Video
Sambit Patra Responds to Raj Babbar



Recently posted . 1K views
 

 Article
THE IMPORTANCE OF FATS IN BUILDING MUSCLE

Have you stopped eating good fats hoping to build your body, then you need to know the importance of fats in building muscles?   ...

Recently posted. 1K views . 6 min read
 

 Article
What’s the most unexpected way to use garlic in a dish?

Many of us lunge for garlic frequently in the usual ways in our kitchens: garlic bread, pasta sauces, a topping on pizza. But in honor of our favorite flavorful mem...

Recently posted. 988 views . 2 min read
 

 
 
 

   Prashnavali

  Thought of the Day

“What you think, you become. What you feel, you attract. What you imagine, you create.”
Anonymous

Be the first one to comment on this story

Close
Post Comment
Shibu Chandran
2 hours ago

Serving political interests in another person's illness is the lowest form of human value. A 70+ y old lady has cancer.

November 28, 2016 05:00 IST
Shibu Chandran
2 hours ago

Serving political interests in another person's illness is the lowest form of human value. A 70+ y old lady has cancer.

November 28, 2016 05:00 IST
Shibu Chandran
2 hours ago

Serving political interests in another person's illness is the lowest form of human value. A 70+ y old lady has cancer.

November 28, 2016 05:00 IST
Shibu Chandran
2 hours ago

Serving political interests in another person's illness is the lowest form of human value. A 70+ y old lady has cancer.

November 28, 2016 05:00 IST


ads
Back To Top