Former finance secretary and current member of the finance commission, Shaktikanta Das has been appointed as the new Governor of the Reserve Bank of India (RBI). The news of his appointment comes just a day after former RBI Governor Urjit Patel resigned from the position citing personal reasons.
Patel stepped down as the Governor of the central bank late Monday ahead of the completion of his tenure in September 2019. His exit soon sparked anticipation about the next appointment. In fact, on Tuesday morning, media reports had already begun speculations about Das being the possible contender to fill the spot.
The former civil servant will take over as the 25th Governor of the central bank.
For some time now, media reports have hinted at brewing tensions between the government and the RBI, especially with regards to various policy issues.
Announcing his resignation, 54-year-old Patel said, “On account of personal reasons, I have decided to step down from my current position effective immediately. It has been my privilege and honour to serve in the Reserve Bank of India in various capacities over the years.”
“The support and hard work of RBI staff, officers and management has been the proximate driver of the Bank’s considerable accomplishments in recent years. I take this opportunity to express gratitude to my colleagues and Directors of the RBI Central Board, and wish them all the best for the future,” he added.
Here are seven things to know about the new RBI Governor:
1. Shaktikanta Das will take over as the 25th Governor of the Reserve Bank of India.
2. He was the economic affairs secretary between 2015 and 2017.
3. He is a member of the 15th Finance Commission of India.
4. He is known to have spearheaded the Narendra Modi government-backed demonetisation drive in 2016.
5. A retired IAS officer from the 1980s batch from the Tamil Nadu cadre, Das was appointed as the Sherpa at the recently-held G20 summit in Buenos Aires.
6. Das is a history graduate from the St Stephen's College in Delhi.
7. In mid-2014, he was given charge of the revenue department and later moved to the economic affairs department.