SHAKTIKANTA DAS, RBI GOVERNOR (2018-2024) - AN ASSESSMENT
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- SHAKTIKANTA DAS, RBI GOVERNOR (2018-2024) - AN ASSESSMENT
With Dr. Urjit Patel leaving before his tenure, Mr. Shaktikanta Das took over as the 25th Governor of the Reserve Bank of India for three years in trying circumstances in December 2018. This was a time of intense debate on the role of the RBI and its relationship with the Government of India, a relationship which is uneasy at the best of times.
As everywhere in the world, public memory in India is proverbially short. But the most well-informed watchers of the Indian BFSI (Banking, Financial Services, and Insurance) industry will recall the public spat between the then Finance Minister P. Chidambaram and the RBI Governor Dr. D. Subbarao. Chidambaram said in October 2012, “If the government has to walk alone to face the challenge of growth then, 'we will walk alone’”. Strong words! To this offensive expression, Subbarao responded equally strongly, “I do hope Finance Minister Chidambaram will one day say, ‘I am often frustrated by the Reserve Bank, so frustrated that I want to go for a walk, even if I have to walk alone. But thank God, the Reserve Bank exists’”.