The tenure of RBI Governor Shaktikanta Das in the government has been extended for three years. government for three years Re-appointed. His term was ending on December 2021, but the Cabinet Appointments Committee approved the decision to retain Shaktikanta Das as the Governor of RBI for the next three years. On December 10, he will be appointed as the 26th governor.
RBI’s focus on growth more than inflation control
This decision of the government is an indication that RBI’s emphasis will now be more on growth than inflation control. RBI can make changes in the monetary policy that is going on till now. Government and RBI can give some relaxation on the inflation control front.
Bank Holidays in November 2021: Banks will remain closed for more than half a month in November, see the complete list of holidays before settling down
Das became governor after Urjit Patel’s resignation
Das is a career bureaucrat. In 2018, the then RBI governor Urjit Patel suddenly resigned after a dispute between the government and the RBI. After this Sarkar Shaktikanta Das was made the governor. He first became Joint Secretary in the Finance Ministry in 2008 when P Chidambaram was the Finance Minister. Shaktikanta Das was made Secretary in the Ministry of Chemicals and Fertilizers in December 2013, but after the BJP government was formed at the Center in May 2014, he was made Revenue Secretary in the Ministry of Finance.
The biggest challenge before Das is to formulate policies to bring the economy badly shaken by Corona back on track. The central bank and IMF have said that the Indian economy will achieve a growth of 9.5 percent during the current financial year. However, increasing employment remains a challenge for the RBI and the government. They will be monitored for the next policies of the Reserve Bank.
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