‘Every institution has to maintain its autonomy, adhere to accountability’: Shaktikanta Das

‘Every institution has to maintain its autonomy, adhere to accountability’: Shaktikanta Das

The appointment will be for three years. He said, "The Government acknowledges with deep sense of appreciation the services rendered by Dr Urjit Patel to this country both in his capacity as the Governor and the Deputy Governor of the RBI", while adding, "It was a pleasure for me to deal with him and benefit from his scholarship". Patel, who had said he was resigning for personal reasons, and his predecessor Raghuram Rajan are economists.

Mr Das assured that he will hold fair, frank, and objective consultations with all stakeholders as this will add depth and value to the issues.

Das noted inflation targeting and maintaining the growth trajectory as part of his agenda. At present, he is also the government's representative at the Group of 20 summits.

Das, a 1980-batch Tamil Nadu cadre IAS officer, who retired as Economic Affairs Secretary in May 2017, oversaw the re-monetisation of the economy after the shock decision to withdraw 86 per cent of the currency in circulation in November 2016. His was the first high-level bureaucratic rejig in the Finance Ministry after the Narendra Modi-led Government took over, an indication of his being in the good books of the prime minister. "So, there has to be a discussion between the government and the RBI". Goyal said ex-chief economic advisor Arvind Subramanian's use of the adjective "draconian" for note-ban should not be read as a criticism, claiming the adjective is used to drive home the point that demonetisation was a "strong measure". As revenue secretary, he worked closely with Finance Minister Jaitley and the empowered committee of state finance ministers to break the deadlock and draw up the draft legislation.

By appointing a loyalist, the Indian government has shown that it intends to continue to have a say in the operation of the central bank.

Putting Das at the helm of the RBI might be seen as a move to steer the Central bank towards the government's point of view.

New Reserve Bank governor Shaktikanta Das was roasted on Twitter after he tweeted on Wednesday that he had taken charge.

The RBI is a great institution, it has got a very long legacy, a very rich legacy.

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