‘Demonetisation’ supporter Das takes over as new RBI Governor

Former Union Economics Affairs Secretary Shaktikanta Das was appointed yesterday as the 25th Governor of Reserve Bank of India (RBI).

Das’ appointment follows within 24 hours of the quitting of Urjit Patel as the Governor, with more than 10 months remaining in his tenure.  Patel apparently quit after he developed ‘huge differences of opinion’ with the BJP-led Center in general and with Union Finance Minister Arun Jaitley in particular.

Das was one of the few proponents of demonetization drive, launched with fanfare by the Modi government at the Centre a couple of years back.  Das takes over at a time when the premier Bank in the country is at loggerheads with the Centre on various important issues and matters.

The  Appointments Committee of the Cabinet (ACC) approved the appointment of Das, a retired IAS officer and a former bureaucrat, as the Governor of RBI for a period of three years, as per the notification issued by the Department of Personnel and Training (DoPT) on Tuesday.

Das is presently a member of the 15th Finance Commission and represents India at the G-20 in a role of a sherpa.  The Tamil Nadu cadre IAS official is said to be ‘close’ to the powers-that-be at the corridors of power in New Delhi.