RBI Governor Shaktikanta Das named ‘Governor of the Year’

Reserve Bank of India (RBI) Governor Shaktikanta Das has been honoured with the title of ‘Governor of the Year’ for 2023 by Central Banking in London. Central Banking is an international economic research journal. The organizers said that Shaktikanta Das has “cemented critical reforms, overseen world-leading payments innovation, and steered India through difficult times with a steady hand and well-crafted turn of phrase.”

They added, that Das’ tenure, which began in 2018 “has been marked by a series of grave challenges, starting with the collapse of a major non-bank firm, moving through the first and second waves of the coronavirus, and then, in 2022, Russia’s invasion of Ukraine and its inflationary impact”.

The publication recommended the RBI Governor for the award in March 2023. He was awarded the title for his leadership of the central bank during challenging situations. He is the second Central Bank Governor to be honored with this award after Raghuram Rajan, who was awarded in 2015.

Months before Shaktikanta Das’s appointment in December 2018, India’s major Non Banking Financial Company went bankrupt. The NBFC fallout revealed huge deficiencies in the business model of many mid-sized banks that were dependent on NBFCs. Under his leadership, during the pandemic RBI was key in implementing crucial reforms, and innovative payment systems, and India’s central bank was able to maintain the balance between managing political pressure and the need to curb inflation rates.