As Shaktikanta Das wraps up his tenure as the Governor of the Reserve Bank of India (RBI) on Tuesday, he addressed a press conference, emphasizing the challenges the central bank faces in the near future. Das pointed to the critical need to restore the balance between inflation and economic growth, a priority for the RBI as the country grapples with inflationary pressures and external economic factors like volatile commodity prices and global monetary tightening.
Reflecting on his six years in office, Das praised the unprecedented coordination between the RBI and the Finance Ministry, calling it “at its best” during his tenure. He expressed confidence in his successor, Revenue Secretary Sanjay Malhotra, highlighting his vast experience and expressing belief that Malhotra will continue the work with excellence.
Das, who has been the 25th Governor of RBI since December 2018, will officially demit office today. He will be succeeded by Sanjay Malhotra, the 26th Governor. Das’s term has been marked by significant economic challenges, including the global pandemic and its aftereffects, which required decisive actions from the RBI. Notably, he cut the policy repo rate to a historic low of 4% to support the economy through the pandemic-induced lockdowns.
Das also expressed his gratitude on social media, thanking Prime Minister Narendra Modi and Finance Minister Nirmala Sitharaman for their support throughout his tenure. He acknowledged the contributions of the financial sector, industry bodies, and experts, and gave special thanks to the RBI team for their efforts in navigating global economic shocks.
Throughout his career, Das has been recognized for his leadership in economic policy, including his key role in India’s 2016 demonetisation drive. Before taking over as RBI Governor, he had a long and distinguished career in public service, including as Secretary of the Department of Revenue and Department of Economic Affairs, and as a member of the 15th Finance Commission.
As he leaves office, Das reiterated the RBI’s commitment to strengthening the financial system, ensuring adequate credit flow, and fostering digital banking innovation.
