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SHAKTIKANTA DAS 25TH GOVERNOR OF RBI
- India’s former economic affairs secretary and current member of FinanceCommission
- Shaktikanta Das is to be appointed as next RBI Governor.
- He will be the 25th Governor of the apex bank of the country.
FINANCE COMMISSION
- The First Finance Commission was established by the President of India in 1951 under Article 280 of the Indian Constitution. There have been fifteen commissions to date. The most recent was constituted in 2017 and is chaired by N. K.Singh, a former member of the Planning Commission.
HOW IS GOVERNOR OF RBI APPOINTED?
- The Reserve Bank’s affairs are governed by a Central Board of Directors (CBD). Members of the board are appointed by the Government of India in accordance with Section 8 of the Reserve Bank of India Act.
ABOUT SHAKTIKANTA DAS
- Shaktikanta Das is a 1980 batch IAS officer of Tamil Nadu Cadre and a very prominent bureaucrat who served under both NDA and UPA governments
- . He served as economic affairs secretary from 2015 to 2017; and was key official in both big economic moves of the government viz. demonetisation and implementation of GST.
- Appointment committee of cabinet approved Shaktikanta Das appointment as RBI governor. He will serve as governor for the term of three years.
- Shaktikant Das – He was schooled at the Demonstration Multipurpose School, Bhubaneswar and then obtained his Bachelor’s (BA) and master’s degrees (MA) in history from St. Stephen’s College at the University of Delhi. He did advanced financial management course from IIM Bangalore and development banking and institutional credit from the NIBM.
- Urjit Patel – He earned Bachelor of Science in Economics from London School of Economics, Master of Philosophy in Economics from Linacre College, Oxford in 1986. He later earned Doctor of Philosophy in Economics from Yale University in 1990. He was at IMF India desk during the 1991–94 transition period. He was posted to IMF country mission in India 1992–95. He has also been a non-resident Senior Fellow at the Brookings Institution since 2009.
ABOUT SHAKTIKANTA DAS
- Das was also the brain behind rolling out of the Goods and Services Tax (GST). He was instrumental in pushing GST soon after the Modi government took charge.
NOTEBAN SUPPORT
- In the weeks after demonetisation, he became a familiar face during government press conferences where he pushed the Centre’s line that banning Rs 500 and Rs 1,000 notes would crack down on the black economy, reduce counterfeit money and spur digital payments. In February 2017, he gave a speech that predicted that the positive effects of demonetisation would be felt from April 2017.
COMMENTS ON HIM
“Shaktikanta Das has been involved with economic affairs for a long time and I am sure he will be a good governor,” former RBI Governor C Rangarajan
MAIN ISSUES IN FRONT OF HIM
- NPA Issue
- PCA Framework
- The sword of Section 7
- RBI’s surplus fund
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