A 1980 batch former IAS officer from Tamil Nadu cadre, Shaktikanta Das, who spearheaded the post-demonetisation normalisation of the economy, has been named the new governor of the Reserve Bank of India. Das retired as Economic Affairs Secretary in May 2017. He will be the first bureaucrat to head the central bank in almost five years.
He will have three year term. Das, 61, replaces Urjit Patel, who shocked the establishment and markets by announcing his exit from the central bank .
While it was widely expected that the government will name an interim RBI head during its search for Patel’s replacement, the Appointments Committee of the Cabinet headed by Prime Minister Narendra Modi chose Das within a day.
In a tweet, the Finance Ministry said the government has “accepted the resignation of Dr Urjit Patel who resigned yesterday from the said post.”
Meanwhile, Finance Secretary A N Jha said Das has wide experience in state government as well as the union government.
Das after his retirement, was named India’s G-20 sherpa and also appointed as a member of the 15th Finance Commission.