Shaktikanta Das, the 25th Governor of the Reserve Bank of India (RBI), just bid farewell to his six-year tenure. Das steered India's financial ship through turbulent waters, from demonetisation to the Covid-19 pandemic.
As Economic Affairs Secretary, Das played a pivotal role in the controversial demonetisation drive of 2016 and the rollout of the Goods and Services Tax (GST) in 2017. Both moves sparked debates but also reshaped India's financial landscape.
Taking the helm at the RBI in December 2018 after Urjit Patel's abrupt resignation, Das inherited a central bank grappling with internal and external challenges. He worked to calm markets and resolve tensions between the RBI and the government.
Das's tenure was marked by decisive actions, including managing liquidity during the non-banking financial crisis and implementing policies to safeguard the economy during the pandemic. The RBI kept interest rates at historic lows during his tenure to support recovery and later pivoted swiftly to tame inflation.
When Covid-19 disrupted global economies, Das’s RBI slashed the repo rate to 4%, offering regulatory relaxations, and ensuring liquidity in the system.
Das's tenure stood out for fostering harmony between the RBI and the government — a stark contrast to previous years of friction. His leadership style was marked by consensus-building and clear communication, ensuring alignment with India’s broader economic goals.
Oversaw economic growth above 7% in four of his six years; delivered the RBI’s highest-ever dividend of ₹2.11 lakh crore to the government; managed inflation while supporting growth in a post-pandemic world.
A historian by education, with a Master’s degree from St. Stephen’s College and further studies in public administration, Das brought a blend of analytical rigour and administrative acumen. With over 3 decades in public service, his career spanned finance, taxation, infrastructure, and policy planning.
RBI has got its new governor in Sanjay Malhotra, also a career bureaucrat known as a consensus builder. Malhotra is one of the men behind the new income tax regime.