RBI Governor Shaktikanta Das' Extended Three-Year Stint Starts Today

A former bureaucrat from the 1980 batch of Indian Administrative Services (IAS) Das took charge as the Governor of RBI after Urjit Patel abruptly stepped down before his term would come to an end.

Written By : ABP News Bureau | Updated at : 12 Dec 2021 08:59 PM (IST)

RBI Governor Shaktikanta Das' Extended Three-Year Stint Starts Today RBI Governor Shaktikanta Das' Extended Three-Year Stint Starts Today

RBI Governor Shaktikanta Das | File Image

New Delhi: Reserve Bank of India chief Shaktikanta Das has become the first Governor to get a second term in office since the Narendra Modi-led government came into power in 2014, reported ANI. The next three year stint of Das started today.

A former bureaucrat from the 1980 batch of Indian Administrative Services (IAS) Das took charge as the Governor of RBI after Urjit Patel abruptly stepped down before his term would come to an end. While Patel had cited “personal reasons” for his resignation, it was speculated that he stepped down from his position due to differences with the government.

Therefore, the first task for Das after assuming responsibility was to bridge the gap between the RBI and the government and also to uphold the credibility and autonomy of the institution. Commenting on the differences between the central bank and the government, Das in his first press conference as RBI Governor had said, "I wouldn't go into the issues between RBI and the government but every institution has to maintain its autonomy and also adhere to accountability." "I don't know whether the government-RBI relationship is blocked, but I feel stakeholder consultations have to go on."

Almost a year after taking charge as the governor of RBI, Das faced the challenge of maintaining stability during the disruptions caused by the Covid-19 pandemic. He chose to slash the policy repo rate to a historic low of 4 percent in May 2020 and continued with a low interest rate since then.

Before becoming 25th governor of the RBI in December 2018, Das had served as Revenue Secretary and Economic Affairs Secretary in the Ministry of Finance. He was also appointed as a member of the 15th Finance Commission and served as India’s G-20 sherpa.