Who is rbi governor

Shaktikanta Das has vast experience in various areas of governance and has held important positions in the Central and State Governments in the areas of Finance, Taxation, Industries, Infrastructure, etc.

He is a postgraduate from St. Under Governor Das, the central bank has done the heavy lifting to support the economy through the COVID crisis, with fiscal policy playing a supportive role. During his long tenure in the Ministry of Finance, Government of India, Das was directly associated with the preparation of as many as 8 Union Budgets. Never miss a story! Stay connected and informed with Mint. One of the major contributors for the overall rise in inflation is the surge in commodity prices.

Within commodities, rising crude oil prices has burdened oil importing countries including India. Barring Polkadot, which lost as much as 10 per cent, nine out of the top 10 cryptocurrencies were trading lower at 9. Solana tanked 13 per cent, whereas Cardano gave up more than 6 per cent.

While Raghuram Rajan agreed that there was a need for a Central government, he said that more power needs to be vested with the State as he believed this will strengthen democracy, which was related to making capitalism work.

RBI Governor Shaktikanta Das said banks have capital buffers of over 16 per cent while the same for NBFCs is at 25 per cent, which are much above the regulatory mandates, and will help fight with any stress.

But I think people and businesses are more adapted to the Covid protocols and more adapted to continue with their business activities. But again everything depends on the severity and spread of a third wave of the pandemic, should it happen.

The parameters outlined by Das were the identification of the customer, reaching the last mile and providing relevant, affordable and safe products. Maybe we could see some upward revision in the CPI data in the upcoming policy. However, as we can see the world over, central bankers are seemingly more tolerant of inflation given the larger growth prerogative.

With budget deficits soaring as a result of revenue shortfalls during the Covid pandemic, more and more arguments have emerged regarding whether India should return to a path of fiscal consolidation, or prioritize spending till economic growth is well and truly out of the clutches of the crisis.

The growth rate in the first quarter came in at 20 per cent which was in line with estimates. The RBI had projected a A literate and aware borrower not only safeguards his interests, but would also protect the system, asserted RBI Governor.

The career bureaucrat-turned-central banker also welcomed the government's approach to the pandemic-triggered crisis as a prudent and calibrated one. RBI Governor Shaktikanta Das during his address at Financial Inclusion Summit discussed how far India has travelled in terms financial inclusion and what will the future look like after Covid pandemic. In his addressed, Das highlighted that RBI is now looking to address issues pertaining to vulnerable segments of economy and population, and at the same time giving attention to consumer protection.

He said the shift to digital has also been accelerated by fast payment systems, such as Immediate Payment Service IMPS and Unified Payments Interface UPI , which provide immediate credit to beneficiaries and are available round the clock. According to Jalan, expenditure reforms should be the focus of the government now. The ex-finance secretary also urged the govt to keep fiscal deficit under control. The Reserve Bank of India will very soon be coming out with the first financial inclusion index, which will assess progress in terms of access, usage and quality, Das said, while speaking at the Economic Times Financial Inclusion Summit.

It is the responsibility of all stakeholders to ensure that the financial ecosystem including the digital medium is inclusive and capable of effectively addressing risks like mis-selling, cybersecurity, data privacy and promoting trust in the financial system through appropriate financial education and awareness, he added. Expressing concerns, Subbarao said that while the majority of people have lost jobs and saw reduction in their income, the wealth of some rich individuals have increased during the pandemic period.

RBI is expected to hold the repo rate, retain its accommodative stance and also continue with its government bond purchase programme for around Rs 1 lakh crore. He also emphasised the supervisory expectations in terms of maintaining their business resilience and managing risks prudently. Retailers, or dealers, make an upfront payment to automakers while purchasing vehicles and this is usually funded through loans with a payment cycle of days.

Last year, RBI came up with various measures to tide over the economic impact of Covid However, currently, it has only limited space to announce any big monetary stimulus packages, should such a requirement arise. To help all stakeholders in the Covid fight, Das announced an on-tap liquidity facility of Rs 50, crore to ease access to healthcare services.

This covers those having exposure up to Rs 25 crore, and those that were standard as of March 31 this year.

The market is currently caught between the fear of economic fallout from the second wave of infections and hopes arising from the flattening of the pandemic curve, one analyst said.

Indian exports fell by 7. The exports had surged by more than 60 per cent in March to USD Governor Das had been holding discussions with banks and NBFCs for some time about the ground situation on liquidity, credit flow and balance sheets. According to a section of the media, lenders had sought relief such as payment moratoriums. Effective regulation is a priority for the Reserve Bank, and regulation should not constrain innovation in the fintech space, the governor said.

According to the schedule provided by the RBI, the second meeting of the MPC in the next fiscal will be held on June 2, 3 and 4; third meeting August ; fourth meeting October ; fifth meeting December and sixth meeting February , In the inaugural address of Times Network India Economic Conclave , RBI Governor Shaktikanta Das said, unlike the crisis, in the contagion risk to the global economy is from other sectors to the financial sector.

He stressed upon laying down a robust risk identification and mitigation system in India's banks and non-banking finance companies to deal with any contingencies. Maintaining the health of the banking sector remains the top priority of the central bank, the RBI Governor added. The initiatives by the Government under the Aatma Nirbhar Bharat Abhiyaan and Union Budget towards developing a vibrant manufacturing sector and infrastructure acknowledges the strong linkages they have with the rest of the sectors.

This, along with reforms in labour market, can go a long way in propelling growth to an elevated trajectory for the manufacturing sector and reap its employment potential", says RBI Governor Shaktikanta Das. Thus, plays an important role in formulating the policies of Reserve Bank of India. However, the scope of this power is limited to prescribing minimum lending rates and interest rates on savings accounts. The responsibility for regulating state co-operative banks, regional rural banks, and various local area banks.

Aspirants of Government exams or any other competitive exams must be well aware of the list of RBI Governors and the time duration they have served the organization. This topic holds relevance for the general awareness section of all types of competitive exams and for the Polity section in the exams. Ambegaonkar January 14, — February 28, H. R Lyengar March 1, — February 28, P. However, his outlook on policy issues like the exchange rates and interest rates was at variance with that of the Government.

He resigned prior to the completion of his term of office of three and a half years. Sir Osborne, however, did not sign any bank notes during his tenure. His stewardship saw the Bank through the war years and the financial experiments it engendered and catalysed, including the decisive break away from a silver currency to fiat money. His second term came to an end with his sudden demise. During his tenure as Governor, he represented India at the Bretton Woods negotiations in , saw the transition to Independence and the partition of the country and the division of the assets and liabilities of the Reserve Bank between India and Pakistan.

He helped the smooth transition of the Bank from a shareholder's institution to a State owned organisation, when the Bank was nationalised on 1st January He later held the office of Union Finance Minister between His tenure witnessed the commencement of the Planning Era as well innovative initiatives in the spheres of co-operative credit and industrial finance.

The proportional reserve system of note issue was replaced by a minimum reserve system to give the Bank greater flexibility. He resigned in the middle of January before his second extended term of office expired due to differences with the Finance Minister. He forged closer connections between agricultural enterprise and the Reserve Bank's operations. K G Ambegaonkar did not sign any bank notes. His tenure witnessed India's shift to decimal coinage from the earlier system.

The period saw conscious efforts to consolidate the banking industry. The Bank acquired powers in September to enforce amalgamations and delicensing of banks. The Bank was also active in catalysing medium term lending to industry by commercial banks by invoking the concept of refinance which led to the establishment of the Refinance Corporation for Industry Ltd. Deposit Insurance for bank deposits was introduced in making India one of the earliest countries to experiment with Deposit Insurance.

In the sphere of monetary policy, the variable cash reserve ratio was used for the first time as were the selective credit controls. His tenure saw the establishment of the Industrial Development Bank of India , and the establishment of the Agricultural Refinance Corporation and the Unit Trust of India Other developments were the introduction of the Credit Authorisation Scheme as an instrument of Credit Regulation, the devaluation of the Rupee in , with a package of measures including import liberalisation and elimination of export subsidies.

During his tenure, social controls over commercial banks were introduced as an experiment in , as a part of which a National Credit Council was established.

Shortly thereafter, 14 major commercial banks were nationalised in , a step which did not have the endorsement of the Reserve Bank. Amongst other developments, gold controls were brought on a statutory basis; Deposit Insurance was in principle extended to Cooperative banks; the Lead Bank Scheme was introduced to facilitate credit delivery, and the setting up of the Agricultural Credit Board. His tenure of office was characterised by a very active monetary policy in the wake of unprecedented inflation in the country following the oil shock, an exponential expansion of banking offices in pursuance of one of the important objectives of nationalisation; the establishment of Credit Guarantee Corporation of India, the setting up of State Level Bankers' Committees and the shift to floating rates regime.

Prior to his appointment as the Governor, he was working as Secretary to the Department of Banking of the Ministry of Finance. During his tenure, Regional Rural Banks were set up; the Asian Clearing Union commenced operations; the twenty point economic programme was announced and operationalised and a new money supply series introduced.

He had a short tenure of seven months. His tenure witnessed the demonetisation of high denomination notes as well as the "gold auctions" conducted by the Bank on behalf of Government of India. During his tenure six private sector banks were nationalised, targets for priority sector lending introduced, and the Deposit Insurance and Credit Guarantee Corporations were merged, and a Departmental reorganisation was undertaken in the Bank. He played an active role in availing of the IMF's Extended Fund Facility in due to balance of payments difficulties.

This represented the largest arrangement in IMF's history at the time. During his tenure comprehensive legal reforms were carried out related to the banking sector and a new chapter introduced in the Reserve Bank of India Act and the Urban Banks Department was set up. After his tenure in the Bank, he served in various capacities before being appointed Finance Minister.