RBI Reappoints Shaktikanta Das as Governor for three years

RBI Reappoints Shaktikanta Das as Governor for three years

The government has reappointed Shaktikanta Das for three more years as the Reserve Bank of India's (RBI) governor. The reappointment is effective from December 10 or until further orders, whichever is earlier. The decision was approved by the appointment committee of the cabinet late on Thursday.

An official statement stated.

"The Appointment Committee of the Cabinet has approved the reappointment of current governor Shaktikanta Das as Governor of (RBI) Reserve Bank of India or a term of three more years beyond 10.12.2021 or until further order, whichever is earlier,"

Shaktikanta Das was previously the department of economic affairs secretary at the finance ministry and was appointed as the central bank head on December 11, 2018, for three years.

RBI Reappoints Shaktikanta Das as Governor for three years 1Twitter image : @DasShaktikanta

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Barclays said in a note. Das will become the longest-serving RBI governor in almost seven decades if he serves the full six-year term as governor.

"The reappointment of Governor Shaktikanta Das for a three- year term signals continuity of monetary policy and gives greater stability to government-RBI relations,"

Shaktikanta Das has tremendous experience in various areas of governance and has held key positions in the State and Central Governments in Infrastructure, Taxation, Industries, Finance, etc. He is a postgraduation from St. Stephen's College from Delhi University.

Barclays added.

"The three-year reappointment is slightly longer than the usual two-year extension that has been the norm recently. Under Governor Shaktikanta Das, the central bank has done the heavy lifting to support the economy through the COVID crisis, with fiscal policy playing a supportive role. We also view the governor's reappointment as a vote of confidence in the RBI's policy stance,"

During his long term in the Ministry of Finance, Government of India, Das was directly associated with preparing as many as 8 Union Budgets. He has also served as Asian Development Bank (ADB), Asian Infrastructure Investment Bank (AIIB), New Development Bank (NDB), and India's Alternate Governor in the World Bank.

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