The tenure of Reserve Bank of India (RBI) Governor Shaktikanta Das ends today (December 10). Shaktikanta Das was appointed as the RBI Governor on December 12, 2018. His tenure was later extended by three years. In his place, the Union Cabinet appointed Sanjay Malhotra as governor. Sanjay takes charge tomorrow (December 11).
Tuesday will be Shaktikanta Das’s last day as governor after six years at the helm of India’s central bank. During his tenure, Das’s success rate was higher than that of failure. It has rescued the Indian financial system from many challenges. Das’ work was greatly appreciated during Corona. In such a situation, let’s see 5 works related to the name Das…
Voted best banker in the world twice in a row Shaktikanta Das has been elected as the world’s first central banker for two consecutive times in 2023 and 2024. Shaktikanta Das has achieved A+ rating in the Central Bank Report 2023 and 2024. This award is given by Global Finance in Washington DC, America . Shaktikanta Das received this honor for controlling inflation, economic growth, monetary stability and controlling interest rates.
Economy remains stable between Corona epidemic and war As RBI Governor, Das played a key role in maintaining the stability of the Indian economy during crises such as the Corona pandemic, the war between Russia and Ukraine and the conflict between Israel and Hamas, the most unstable period for India and the world. During Corona, under the leadership of Das, RBI implemented new and old economic policies and measures to maintain liquidity and asset quality.
Saved Yes Bank and Lakshmi Vilas Bank from collapse. Apart from this, the challenges that Das successfully faced included the IL&FS crisis. Due to this, non-banking financial companies (NBFCs) have suffered huge losses. He saved Yes Bank and Lakshmi Vilas Bank from collapse.
Pension rate reduced to 4% to stimulate growth When Das took office in 2018, the pension rate was 6.50%. Under his leadership, RBI reduced it to 4% to promote economic growth. Later, to control inflation, this rate was again increased to 6.50%.
Contribution of central banks in reducing NPA and increasing profits. During his tenure, Das brought down the non-performing assets (NPAs) of listed banks to a low of 2.59% in September 2024, from 10.38% in December 2018. During this period, the profitability of banks also increased and banks recorded a profit of Rs 2.63 lakh crore in FY2023, whereas in FY2018, banks had incurred a loss of Rs 32,400 crore.
Shaktikanta Das is a 1980 batch IAS officer. Shaktikanta Das is a 1980 batch IAS officer. He is a Tamil Nadu cadre officer. Until May 2017, he was Secretary of Economic Affairs. He becomes the 25th governor of the country. Even when demonetization took place in November 2016, Das was on the main front.
Das has held various positions. Das was also a member of the 15th Finance Commission. Das has represented India in BRICS, International Monetary Fund and SAARC. He graduated from Stephen College, Delhi.
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Sanjay Malhotra will be the new governor of RBI: he will take office on December 11, replacing Shaktikanta Das, governor for 6 years.
The government has appointed Revenue Secretary Sanjay Malhotra as the new governor of the Reserve Bank of India (RBI). He will be the 26th Governor of RBI and will replace the current Governor Shaktikanta Das.
Das’ term ends on December 10, 2024. Malhotra will take over as governor from December 11. The Cabinet today approved the appointment of Sanjay Malhotra on December 9.