Das was appointed as the RBI Governor in 2018 at a time when India’s major Non-Banking Financial Companies (NBFC) were in the doldrums, triggering a liquidity crunch.
The governor of the Reserve Bank of India, Shaktikanta Das, has been honoured with the title of ‘Governor of the Year’ for 2023 by Central Banking in London, an international economic research journal. Das bagged the award for his contribution to safeguarding the Indian economy amidst several global economic turmoils, and he has been acknowledged for his policy measures in dealing with inflation.
With this award, Das became the second Central Bank governor to be honoured with the award after Raghuram Rajan, who won the title in 2015.
Das was appointed as the RBI Governor in 2018 at a time when India’s major non-banking financial companies (NBFC) were in the doldrums, triggering a liquidity crunch. Things got even worse as COVID-19 dealt a crushing blow to the Indian economy. At that time, India was already struggling with a liquidity crunch and loan defaults (as there was a growing trend of non-performing assets, or NPAs, in the banking sector during the COVID). After this, the global economic situation turned docile due to the Russia-Ukraine war. The Indian economy also faced major challenges like the depreciating value of its currency against the USD, growing inflation, and many more.
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Under his leadership, the RBI implemented crucial reforms, innovative payment systems, and growth-oriented measures during such a period of crisis.
