Breaking: RBI Governor Shaktikanta Das has been reappointed for a three-year term

Breaking: RBI Governor Shaktikanta Das has been reappointed for a three-year term

The government has reappointed central bank Governor Shaktikanta Das for a third three-year term, keeping the career bureaucrat in charge of the economy’s recovery from Covid-19‘s ravages.

The move, which will take effect when his current term ends on Dec. 10, provides consistency in monetary policy decisions and indicates to investors that any interest rate normalisation in the post-pandemic future will be slow.

Under Das, 64, the central bank slashed interest rates and used quantitative easing to promote growth and sustain liquidity during the worst of the outbreak. Das’ reappointment was not unexpected, as he worked to maintain a positive working relationship with the government after his predecessor, Urjit Patel, abruptly quit in December 2018 due to disagreements with Prime Minister Narendra Modi’s administration.

On December 12, Shaktikanta Das became the Reserve Bank of India‘s 25th governor. Das, a seasoned bureaucrat, has held key roles in the federal and state governments in sectors like as finance, taxation, industry, and infrastructure. He was the secretary of the ministry of finance‘s department of revenue and department of economic affairs before to this assignment.

He worked as secretary of revenue and then economic affairs at the ministry of finance during his 38-year tenure. When Prime Minister Narendra Modi announced the high-value currency ban in November 2016, Das was a secretary in the Department of Economic Affairs.

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