The Indian has made an announcement that Shaktikanta Das has been re-appointed as the governor of the Reserve Bank of India (RBI), for another upcoming three years till 2024 or even until further orders. This decision was approved by the Cabinet’s appointment committee on Thursday.
Das was first appointed in December 2018, and before it, he was there present in the department of economic affairs secretary at the finance ministry. To shore up against the economic conditions regarding the Covid-19 pandemic, the Central bank has further chopped off the key interest rates towards the record lows and infused massive rupee liquidity into the banking system. With markets now gearing up for the reversal of the ultra-loose monetary policy, stability at the RBI in terms of the top leadership is seen as crucial.
The central bank has taken a more consultative approach with markets under Das who has been keen to have more transparency and direct communication. Shaktikanta Das holds a post-graduate degree from St. Stephen’s College from Delhi University. Das had replaced Urjit Patel, who went on to resign abruptly in 2018 due to the amid growing differences with the government over a range of subjects including the RBI's autonomy.
The Appointments Committee of the Cabinet has approved the reappointment of Shaktikanta Das as RBI Governor for a period of three years beyond December 10, 2021, or until further orders, whichever is earlier," read an official statement.
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