Former Economic Affairs Secretary Shaktikanta Das has been appointed the new governor of the Reserve Bank of India (RBI), a day after Urjit Patel stepped down from the position.
He takes charge at a time when RBI is mired with controversies after the sudden resignation of Urjit Patel, before the end of his term citing personal reasons. RBI and Centre have been in loggerheads over several issues. The appointment committee of the cabinet today approved Shaktikanta Das’ name.
Das, 61, is former finance secretary and currently a member of the federal finance commission, and one of India’s serving G20 representatives. He previously served on the central bank’s board.
Das came under fire for his pro-demonetization stance and he was the most visible and vocal bureaucrat at the time Modi withdrew the high-value bank notes in 2016.Last year, Das criticised the methodology of global rating agencies and sought a sovereign rating upgrade. Das has worked extensively in the budget division under both Modi’s government and the previous coalition led by the Congress