 "May RBI grow even taller as institution of trust: Das' parting message")
As he demits office later on Tuesday, Reserve Bank of India (RBI) Governor Shaktikanta Das reminisced on how, together with the central bank’s team, they successfully navigated an exceptionally challenging period marked by unprecedented global shocks, wishing that the top bank grows even taller as an institution of trust and credibility.
In a series of posts on X, Das thanked all the stakeholders in the financial sector and in the economy, experts and economists, industry bodies and associations, organisations in the agriculture, cooperative and service sectors for their inputs and policy suggestions.
“May the RBI grow even taller as an institution of trust and credibility,” Das said on X.
Das also expressed his gratitude towards Prime Minister Narendra Modi and Finance Minister Nirmala Sitharaman.
“Immensely grateful to the Hon’ble PM for giving me this opportunity to serve the country as Governor RBI and for his guidance and encouragement. Benefited a lot from his ideas and thoughts,” he wrote on X.
“Heartfelt thanks to Hon’ble FM for her constant support and backing. The fiscal-monetary coordination was at its best and helped us to deal with the multiple challenges during the last six years,” he wrote in the post.
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Ending weeks of speculation, the government on Monday appointed Sanjay Malhotra, currently serving as revenue secretary in the Ministry of Finance, as the 26th governor of the RBI for a three-year term, effective December 11.
Das took charge on December 12, 2018, after Urjit Patel stepped down. As RBI governor, Das shielded India’s financial system from several challenges and crises. He presided over one of the most volatile periods for India and the world as the pandemic and the Ukraine-Russia and Israel-Hamas wars threatened to undermine the country’s financial stability.
Das’ success in inflation control, economic-growth goals, currency stability, and interest-rate management also made him the “top central banker of the year” for two consecutive years (by US-based Global Finance magazine).
His tenure made him the longest-serving governor after Benegal Rama Rau, who held the position for a little over seven and a half years in the 1950s.
Reflecting on his six-year tenure, Das described his time at the RBI as “challenging”, but noted the institution’s success in maintaining macroeconomic resilience and financial stability.