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Will Uphold Autonomy, Values: New RBI Governor Shaktikanta Das

The new Reserve Bank of India (RBI) Governor Shaktikanta Das said today that he will uphold values and autonomy of the central bank

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Will Uphold Autonomy, Values: New RBI Governor Shaktikanta Das

Shaktikanta Das succeeds former RBI boss Urjit Patel.


Shaktikanta Das, who took charge today as the 25th Governor of the Reserve Bank of India (RBI), said that he will uphold values and autonomy of the central bank. "I would not like to go into what the issues between the government and the RBI are but every institution has to maintain its autonomy and also adhere to accountability... I will try and uphold the professionalism, core values, credibility and autonomy of Reserve Bank as an institution," said Mr Das, the successor to Urjit Patel, who quit amid a feud with the government.

"All issues can be resolved through discussions...Independence of RBI as an institution is very important and it will remain intact."

(Also Read: In His Own Tweets: What New RBI Governor Shaktikanta Das Thinks)

Ahead of the release of November retail inflation data later in the day, he said, "Inflation targeting is a very important component of RBI functioning. The outlook looks fairly benign at this stage. I will be watchful of the developments."

The banking sector faced many challenges and more measures need to be taken, Mr Das said, adding that he will be meeting heads of Mumbai-based public sector banks on Thursday.

Analysts viewed the RBI's decision to open up a dialogue with the banking sector as a positive move.

"He is trying to give comfort to the banking industry against the backdrop of continued concerns on the financial stability front," Rupa Rege Nitsure, chief economist at L&T Financial Holdings, was quoted as saying by news agency Reuters.

Friday's meeting of the RBI board will be held as planned, Mr Das said. 

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. (With agency inputs)



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