Shaktikanta Das reappointed as RBI Governor

Reserve Bank of India Governor Shaktikanta Das been reappointed to the post for a term of three years. The Appointments Committee of the Cabinet has approved his reappointment for a period of three years beyond December 10, 2021 or until further orders, whichever is earlier.

Shaktikanta Das's current term was scheduled to end on December 10, 2021. The reappointment will keep him at the bank's helm to aid recovery from the COVID-19 pandemic. 

"The Appointments Committee of the Cabinet has approved the reappointment of Shaktikanta Das as Reserve Bank of India Governor for a period of three years beyond 10.12.2021 or until further orders, whichever is earlier," reads an official statement.

(File pic) pic.twitter.com/ip7ckHSej1

— ANI (@ANI) October 29, 2021

Key Highlights

Shaktikanta Das was appointed as the Governor of the Reserve Bank of India (RBI) in December 2018 for a term of three years. 

Under his leadership, the apex bank worked to support growth and keep the economy afloat by maintaining liquidity through the worst pandemic the world has ever seen in the 21st century. 

The RBI worked to take all the necessary measures to aid recovery during the pandemic including slashing interest rates and pursuing quantitative easing. 

The RBI also maintained its accommodative stance throughout these two years and introduced schemes and initiatives that help other banks and common people.

The bank is now faced with the risk of accelerating inflation just as the gradual recovery takes its hold amid the easing of pandemic restrictions and increased vaccination. 

About Shaktikanta Das

•Shaktikanta Das was first appointed as the 25th RBI Governor in 2018, after the resignation of his predecessor Urjit Patel. He is a retired 1980 batch IAS officer of Tamil Nadu cadre. 

•Das has vast experience in various areas of governance. He has held several important positions in the Central and Tamil Nadu state government.

•He was previously working as Secretary in the Department of Economic Affairs at the Finance Ministry. 

•He has held various positions in the areas of Finance, Taxation, Industries, Infrastructure also previously. 

•He has earlier been a member of the Fifteenth Finance Commission and India's Sherpa to the G20. He has represented India in various other international forums as well including SAARC, IMF and BRICS.

•He is a postgraduate from Delhi University's St. Stephen’s College. 

Background 

The Reserve Bank of India in its Monetary Policy Statement in October 2021 retained India's real GDP growth projection at 9.5 percent in 2021-22, which includes 7.9 percent in Q2, 6.8 percent in Q3 and 6.1 percent in Q4 of 2021-22 and projected the real GDP growth for Q1:2022-23 to be 17.2 percent.