Mumbai Shaktikanta Das’s six-year tenure as Governor of Reserve Bank of India (RBI) completed on Tuesday. Now Sanjay Malhotra will be the Governor of RBI from Wednesday. Sanjay Malhotra was till now holding the post of Revenue Secretary in the Finance Ministry. Before Sanjay Malhotra becomes the RBI Governor, outgoing Governor Shaktikanta Das has mentioned a big challenge for him. On the last day of his tenure as Reserve Bank Governor, Shaktikanta Das mentioned the big challenge before the new RBI Governor. He also talked about many other challenges and expressed his opinion about CBDC.
#ShaktikantaDas lists out the roadmap & challenges ahead for the new RBI governor.
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Shaktikanta Das has said that the biggest challenge before the RBI is to control inflation. Shaktikanta Das said that it is important for RBI to bring inflation under control. He also described Central Bank Digital Currency as the currency of the future. During his tenure, Shaktikanta Das had announced not to reduce the repo rate below 6.50 percent after 13 consecutive MPC meetings to control inflation. The reason for this is that the retail and wholesale inflation rate is not coming near 4 percent. The retail inflation rate in October 2024 was 6.21 percent. At the same time, the wholesale inflation rate was more than 2.2 percent.
Shaktikanta Das was also against cryptocurrency. He believed that cryptocurrency was a threat to the worldwide economy. Central Bank Digital Currency i.e. CBDC was also launched during the tenure of Shaktikanta Das as RBI Governor. By linking it to their bank account, people are able to make online payments like UPI. Shaktikanta Das was the Secretary of Revenue and Economic Affairs in the Modi government before becoming the Governor of RBI. Current Finance Minister Nirmala Sitharaman and PM Narendra Modi were impressed by his finance related knowledge. Whereas, Shaktikanta Das did his education from the subject of history. Congress raised questions many times regarding this that a person who did not take economics education was made the Governor of RBI, but Shaktikanta Das, while being Finance Secretary and then Governor of RBI, proved how deep knowledge he has of this field. .
