Shaktikanta Das reappointed RBI governor for 3 more years
What's the story
The Indian government has reappointed Shaktikanta Das as the Governor of the Reserve Bank of India (RBI) for a period of three years.
He will now retain the position until December 10, 2024 or until further orders, whichever is earlier.
The decision was approved by the appointments committee of the Cabinet late on Thursday.
Here are more details on this.
Quote
Official statement on Das's reappointment
"The Appointments Committee of the Cabinet has approved the reappointment of Shaktikanta Das as Reserve Bank of India Governor for a period of three years beyond 10.12.2021 or until further orders, whichever is earlier," according to an official statement.
Context
Why does it matter?
The decision will keep Das at the helm of India's central bank where he will be needed to guide the economy's recovery from the coronavirus pandemic.
Over the past couple of years, Das's policies have supported the economy by lowering crucial interest rates amid the health crisis.
Das was first appointed the RBI chief on December 11, 2018 for a period of three years.
Details
Das previously worked in several departments
Das is a postgraduate from St. Stephen's College, University of Delhi.
He previously served as the Department of Economic Affairs Secretary at the Finance Ministry.
He has also held several positions in central and state governments in the fields of finance, taxation, industries, and infrastructure.
During his tenure in the Finance Ministry, he was involved in the preparation of eight Union Budgets.
Work
Das also worked at World Bank, ADB, NDB
Das has also served as India's Alternate Governor in the World Bank, Asian Development Bank (ADB), New Development Bank (NDB), and the Asian Infrastructure Investment Bank (AIIB).
He is the first RBI chief to get a tenure extension under the current Bharatiya Janata Party (BJP) government. His predecessors either resigned or decided to go back to academics.