The term of Reserve Bank of India (RBI) Governor Shaktikanta Das is ending today on 10 December 2024. The central government has appointed Revenue Secretary Sanjay Malhotra in the Finance Ministry as the new RBI Governor, who will take over as the 26th RBI Governor on 11 December 2024.
Benefited from Narendra Modi's ideas - Shaktikanta Das
Governor Shaktikanta Das, who is going to say goodbye to his six-year tenure in RBI, wrote in a farewell post on social media platform X, "Today I am going to leave the post of RBI Governor. I thank everyone for their support and best wishes on this occasion." Shaktikanta Das has also thanked Prime Minister Narendra Modi and Finance Minister Nirmala Sitharaman. He wrote in his post, "I express my gratitude to Prime Minister Modi for allowing me to serve the country as RBI Governor, guiding and encouraging me. He said I have benefited a lot from the Prime Minister's ideas and thoughts.
Successfully faced global shocks.
Shaktikanta Das has also expressed his gratitude to the Finance Minister for his constant support. He wrote, Fiscal-monetary coordination was the best and it has helped in facing many challenges in the last six years. The current governor has thanked all the stakeholders of the financial sector and economy, experts and economists, industry and associations, agriculture, cooperative, and services sectors for their inputs and suggestions. Thanking the RBI team, Shaktikanta Das wrote, together we have successfully faced the most difficult phase of global shocks. RBI should remain an even bigger and trusted institution.
Became governor during the crisis
In the year 2018, the differences between the government and the RBI deepened. The then governor Urjit Patel suddenly resigned from his post. Then Shaktikanta Das was made the RBI governor in December 2018. In the year 2019, the growth of the economy was declining, then in 2020 Corona (Covid-19) knocked. Under the leadership of RBI Governor Shaktikanta Das, the Indian economy faced this crisis strongly. The Indian economy became the fastest-growing economy in the world. During the tenure of Shaktikanta Das, the digital revolution got a boost and the banking sector was able to overcome the huge NPA that it was facing.
Differences in interest rate cuts!
But in recent times, Shaktikanta Das was faced with the challenge of dealing with inflation while maintaining growth. Reducing inflation was a big goal for Shaktikanta Das, while the government ministers were insisting on cutting interest rates for growth despite inflation. In his last policy, Shaktikanta Das cut the Cash Reserve Ratio (CRR) by 50 basis points so that cash could be increased in the banking system, but he did not reduce the policy rate i.e. Repo Rate, which would reduce interest rates.
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