Shaktikanta Das Named new RBI Governor After Urjit Patel’s Sudden Exit
NEW DELHI: A day after Urjit Patel sent a shocker to the government by resigning as RBI Governor, the Centre sprung into quick action and appointed former Finance Secretary Shaktikanta Das as the new governor of the central bank, according to reports.
"The Appointments Committee of the Cabinet has approved the appointment of Shaktikanta Das, former Secretary, Department of Economic Affairs, as Governor of the Reserve Bank of India (RBI) for a period of three years," an official order said.
Patel, who had been having several run-ins with the Centre related to the Reserve Bank’s autonomy, is the first governor since 1990 to step down before his term ended. Patel’s three-year term was to end in September 2019.
Das’s appointment comes ahead of the RBI board meeting scheduled to be held on December 14.
A former civil servant from the Tamil Nadu cadre, Das, 61, is also a member of the 15th Finance Commission and has previously served on the central bank's board.
As finance secretary, Das faced flak for his pro-demonetisation stance and was the most visible and vocal bureaucrat at the time Prime Minister Narendra Modi withdrew Rs 1,000 and Rs 500 notes in 2016, as per a Reuters report.
Das also criticised the methodology of global rating agencies and sought a sovereign rating upgrade, the report added.
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