July 12, 2020, 12:28


India Chooses the Man Who Led Demonetization as Next Central Bank Governor

India Chooses the Man Who Led Demonetization as Next Central Bank Governor

Shaktikanta Das, a former finance ministry official, will take charge as the next governor of the Indian Reserve Bank for the next three years.

The Indian government has chosen Shaktikanta Das, the man who implemented the much-debated demonetization process in 2016, as the next governor of the Reserve Bank of India for the next three years.

READ MORE: Reserve Bank of India Deputy Governor Defends Central Bank Independence

The notification issued on Tuesday evening said that Das, former secretary of economic affairs is appointed as next governor. Das was appointed after the previous governor, Urjit Patel had stepped down from the governorship on Monday following a long-standing feud with the government. 

​Das is taking charge of the governor’s post at a time when the government is under pressure to liquidate non-banking financial companies and to maintain its fiscal deficit target.

READ MORE: India Sells Off Over 15 Bln in US Dollar Bonds, Following in China’s Footsteps 

Das, who currently also represents India at the G20 in the role of a Sherpa, shot into the public spotlight in November 2016 when the Modi government put full faith in him and made him the bureaucratic face of demonetization during the currency ban of large denominations to curb black money transactions.

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