Shaktikanta Das, RBI’s 25th Governor Receives ‘Governor of the Year’ Award

In recognition of guiding the financial system through the tumultuous times of the outbreak and the damaging effects of the Ukrainian war, Reserve Bank of India Governor, Shaktikanta Das was presented with the 2023 “Governor of the Year” award by the worldwide periodical Central Banking on Wednesday.

In 2015, the nation’s former governor Raghuram Rajan became the first person to receive the honor. The report said the governor aided steer the ship as it faced numerous challenges since his appointment in December 2019, with the Covid-19 global epidemic as well as the Russia-Ukraine war becoming the 2 significant tests. The 66-year-old Das is currently serving his second term at Mint Road.

Struggles and challenges Shaktikanta Das Faced

An economic system as complicated as India’s will presumably never be without difficulties, but as Das prepares for the balance of his second term, he may be proud of his accomplishments thus far, according to the award citation.

Das has led crucial reforms, presided over industry-leading transactions innovation, and guided the nation through trying times with a sure hand and deft change of phrase, it continued. A commercial publisher with a focus on central banks and other major financial institutions, The Central Banking Publishers specializes in financial markets and public policies.

What has RBI done?

According to the article, the RBI has already been aggressively controlling the reference lending rate as well as other tools at its command ever since the outbreak started.

First off, the Monetary Policy Committee has increased the key policy rates by a staggering 250 basis points to 6.50 percent since May 2022 because the council has underestimated the inflation readings in 10 out of the last 12 months. Das was compelled by this to write to the government and clarify why this has lost the war against inflation. The letter hasn’t been made public yet.