Will try to uphold credibilty and autonomy of RBI: Shaktikanta Das

13 December, 2018, 21:44 | Author: Kevin Carter
  • Shaktikanta Das is a fiscal conservative and as a governor is likely keep a hawk eye on government’s fiscal management in an election year

On his first day in office as the 25th Governor of the RBI, Shaktikanta Das on Wednesday spoke about upholding the autonomy and integrity of the central bank and the need for free, fair and frank discussions between the government and the RBI.

It can be noted that governance at RBI is another matter of friction between the two, with government wanting a greater role for the 18-member board rather than leaving policymaking to the RBI management alone-a historical practice at most central banks across the globe, including the RBI. He was chosen for this task because, by all accounts, the government was apprehensive that then RBI governor Urjit Patel would lose his legendary temper at the first sign of a tough question had he been.

After the two-year deputation with RBI, Patel became a consultant to the Government of India in the Ministry of Finance, Department of Economic Affairs - a position he held from 1998 to 2001.

More news: Network outages affect millions of mobile customers in the United Kingdom and Japan

Urjit Ravindra Patel who recently resigned as India's Central Bank Governor was born in Kenya, Kenyans.co.ke has established. "Govt is not just a stakeholder but also runs the country, economy&manages major policy decisions". When asked whether Acharya is still there, Das said, "I had tea with him an hour back". I will work as a team with other officials in RBI in the best interest of the economy and try and take measures in a timely manner on issues, on aspects which the economy requires or which are in the best interest of the Indian economy. Banking is an important segment in our economy. It is really heartening that it has been very good but we have to ensure stability. He also claimed that it is only the banking segment that is facing several challenges now that need to be solved as soon as possible.

The issue of liquidity also comes up in the media space and the public space from time to time.

"The RBI's efforts to address bad loan problems have the potential to improve banking-sector health over the long term and its commitment to inflation targeting has supported a more stable macroeconomic environment in recent years".

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