INSUBCONTINENT EXCLUSIVE:
Shaktikanta Das is a 1980 batch IAS officer from Tamil Nadu cadre.
Shaktikanta Das, a member of the
Fifteenth Finance Commission, was appointed the new governor of the Reserve Bank of India (RBI) on Tuesday, news agency Reuters reported
The appointment of Mr Das as RBI governor comes after Urjit Patel announced his shock exit on Monday
The appointment of Mr Das is likely to cheers bond and currency markets, said an expert
His appointment comes three days ahead of a crucial meeting of the RBI Board on Friday
Here are 10 things to know about this big story:"The Appointments Committee of the Cabinet has approved the appointment of
Shaktikanta Das, former Secretary, Department of Economic Affairs, as Governor of the Reserve Bank of India (RBI) for a period of three
years," news agency Indo-Asian News Service (IANS) reported an official order as saying.Mr Das, a former secretary at the department of
economic affairs, was appointed the governor for a period of three years
He retired as the Economic Affairs Secretary in May 2017.He is a 1980 batch IAS officer from Tamil Nadu cadre.Mr Das is known for being an
experienced bureaucrat who has held key positions both under the ruling Bharatiya Janata Party as well the previous Indian National
Congress-led government, reported Reuters.His appointment is likely to cheer markets as investors expect communication between the
government and the central bank to improve following a public spat that deepened an existing rift between the two sides, said experts."Bonds
and rupee should react positively following this news," said Ashish Vaidya, executive director and head of trading at DBS Bank.Mr Patel
resigned after a power tussle with the government wherein the Centre sought a part of RBI's excess reserves ahead of the general elections
next year.The last meeting of the RBI Board had ended on a conciliatory note, with the central bank agreeing to set up a panel on sharing
surplus reserves and restructure loans of small businesses up to Rs
25 crore.However, various reports had said that the friction between the RBI and the government would re-surface at Friday's meeting
Government's nominees on RBI Board had also been putting pressure on the RBI to allow some bad-debt-laden public sector banks to lend more
easily.Tensions between the RBI and the Centre had been become public last month when Deputy Governor Viral Acharya, giving an example of
the Argentinian government's interference in the central bank's policies, said that undermining the top lender's authority is "potentially
catastrophic." (With agencies inputs)For the latest News Live Updates on Election Results from each assembly constituency in Madhya
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