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Shaktikanta Das to succeed Urjit Patel as RBI governor

December 12, 2018

The Modi government has appointed former economic affairs secretary Shaktikanta Das as the Reserve Bank of India governor. He will replace Urjit Patel who resigned on Monday on the grounds of personal reasons.

The official order said,

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 - Government of India

Das is a member of the Finance Commission of India. A retired bureaucrat, Das initially led the revenue department in the finance ministry and was later moved to economic affairs. He had led Prime Minister Narendra Modi's decision to ban notes in 2016.

Das is a 1980 batch IAS officer from the Tamil Nadu cadre. His appointment has been seen as a sign of the government's attempt to manipulate the RBI and play to the interests of India Inc which was unhappy with the former governor's moves.

"Perfect! Congratulations #BJP. Close friend of Ravi Parthasarathy and Hari Sankaran of ILFS, Mr Shaktikanta Das is the new @RBI governor", said senior journalist Sucheta Dalal. Another business journalist M K Venu said, "Shaktikanta Das who has the most unremarkable tenure as Secy in finance ministry is RBI Governor. He is close to Jaitley and will not need to call an RBI board meeting to give Centre whatever it asks for."

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