Shaktikanta Das, Governor of the Reserve Bank of India, who led the Indian economy through turbulent times including the Covid-19 pandemic, Russia-Ukraine conflict, has been named Governor of the Year by Central Banking. Das is the man who has cemented critical reforms, overseen world-leading payments innovation.
Das’ tenure began in December 2018 but Covid-19 was undoubtedly the biggest crisis he faced so far as the RBI chief. He steered India through difficult times with a steady hand and well-crafted turn of phrase. Not just Covid, Das dealt with the collapse of a major non-bank firm, moving through the first and second waves of the coronavirus, and then, in 2022, Russia’s invasion of Ukraine and its inflationary impact, the publication said.
“The economy is developing at breakneck speed: GDP has risen some 90% in the past 10 years, and GDP per capita is up around 70%, giving the average Indian an income equivalent to $2,400 per year, $1,000 more than in 2010. Poverty is still widespread but has fallen from 55% to 16% in the space of 15 years on the United Nations’ multidimensional metric,” Central Banking said.
RBI Governor Shaktikanta Das’ defining moments as RBI chief
Covid-19 Pandemic
It was in managing this crisis that Das had perhaps his greatest impact, appearing as a voice of calm amid the fear, and steering the RBI deftly between intense political pressures on one side and economic disaster on the other.
Central Banking explained that perhaps RBI’s most significant policy was the government securities acquisition programme (G-Sap), which saw it buy Rs 2.2 trillion ($26.6 billion) in government debt.
“Communication has been one of Das’s key strengths. He has been active in giving speeches and talking to the media. He has also implemented reforms to allow other senior officials to speak directly to the press,” the publication noted.
Payments Revolution
“Mr Das is moving in a big way on payments,” Central Banking quoted a former RBI official as saying. Along with championing ongoing innovation around UPI, the RBI Governor oversaw the project to make India’s real-time gross settlement system operate around the clock, every day of the year.
Additionally, it was under Das’ tenure that the central bank rolled out e-Rupee. The RBI is conducting pilots for central bank digital currency (CBDC) – retail and wholesale. On the other hand, Das has opposed crypto assets in India.
