Sunday, March 26, 2023

Shaktikanta Das: RBI Chief Shaktikanta Das named ‘Governor of the Year’ by Central Banking – Usky News

Mumbai: Governor of the Reserve Bank Shaktikanta Das Wednesday was named ‘Governor of the Year’ for 2023 by the international publication central banking To control the financial markets through the turbulent period of the pandemic and the severe impact of the Ukraine war.
former governor Raghuram Rajan He was the first person to be awarded the title from the country back in 2015.
Giving the award to 66-year-old Das, who is in his second term at Mint Road, the publication said the governor helped steer the ship as he faced several hurdles since his appointment in December 2019 amid the Covid-19 pandemic. The pandemic and the Russia-Ukraine war are two major tests.
A complex economy like India’s can never be free from challenges, but as Das faces the remainder of his second term, he can be proud of the major achievements so far,” the award citation said.
Das has captained significant reforms, overseen world-leading payments innovation and steered the country through difficult times with a steady hand and well-crafted turns of phrase.
Central Banking Publishing is a financial publisher specializing in public policy and financial markets, with an emphasis on central banks and international financial institutions.
Addressing the award ceremony, Das said, “A war effort to combat the virus has to be launched, and is being scaled up, involving both conventional and unconventional measures in a war-ready mode.
“Life in the time of Covid-19 has been one of unprecedented loss and isolation. Still, it is worthwhile to remember that tough times never last; only tough people and tough institutions do.”
The publication said the Indian economy has come through one of the biggest threats it has ever faced with relatively minimal damage.
All reserve Bank of India Governors face difficulty dealing with governments that have different priorities from the central bank, and most must navigate crises during their tenure. But few have faced challenges of the scale Das has met, it said, adding that in the years ahead, Das will have to stand firm against interference and backsliding.
The publication said that the RBI, since the turn of the pandemic, has been actively engaged in managing the benchmark lending rate and other levers at its disposal.
The Monetary Policy Committee, to begin with, has raised key policy rates by 250 bps to 6.50 per cent through May 2022 as the panel missed the inflation print in 10 of the 12 months of the year. This forced Das to write to the government explaining why it had lost the battle of inflation. The letter is yet to be made public.


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