Shaktikanta Das officially stepped down as the Governor of the Reserve Bank of India (RBI) on Tuesday, marking the end of his six-year tenure. His departure comes after the announcement of Sanjay Malhotra as the 26th Governor of the central bank.
In a heartfelt message shared on social media, Das expressed his gratitude to Prime Minister Narendra Modi for the opportunity to serve the nation. "Will demit office as Governor RBI later today. Thank you everyone for your support and good wishes. Immensely grateful to the Hon’ble PM @narendramodi for giving me this opportunity to serve the country as Governor RBI and for his guidance and encouragement. Benefited a lot from his ideas and thoughts," he said.
Das also extended his thanks to Finance Minister Nirmala Sitharaman for her unwavering support. "Heartfelt thanks to Hon’ble FM @nsitharaman for her constant support and backing. The fiscal-monetary coordination was at its best and helped us to deal with the multiple challenges during the last six years," he added.
Reflecting on his tenure, Das thanked various stakeholders, economists, and industry bodies for their inputs. "I thank all the stakeholders in the financial sector and in the economy; experts and economists; industry bodies and associations; organisations in the agriculture, cooperative & service sectors for their inputs and policy suggestions," he said.
In his farewell note, he expressed deep appreciation for the RBI team, stating, "A BIG thank you to the entire Team RBI. Together, we successfully navigated an exceptionally difficult period of unprecedented global shocks. May the RBI grow even taller as an institution of trust and credibility. My best wishes to each one of you."
A Legacy of Resilience and Reform
Das assumed office on December 12, 2018, following the abrupt resignation of his predecessor, Urjit Patel. Despite initial skepticism about his ability to balance the RBI’s autonomy with government expectations, Das quickly proved his mettle by fostering collaboration while safeguarding the central bank’s independence.
During his tenure, the RBI adopted a balanced approach to economic growth and inflation control. Under his leadership, the bank maintained financial stability through global shocks, including the COVID-19 pandemic. In response to the economic challenges of the lockdowns, Das lowered the repo rate to a historic 4% and sustained low interest rates for two years to support economic recovery.
As the economy began to recover, Das-led policies adapted swiftly to prevent overheating, with the Monetary Policy Committee raising interest rates starting in May 2022 to control inflation. His leadership earned him a three-year extension in 2021.
A Distinguished Career
A seasoned bureaucrat and 1980 batch IAS officer, Das served as Secretary of the Department of Revenue and Department of Economic Affairs before his appointment as RBI Governor. He played a key role in drafting eight Union Budgets and contributed significantly to India's financial, taxation, and infrastructure sectors.
During his tenure at the RBI, Das ensured sustained economic growth, with India achieving an average GDP growth rate of over 7% in the last four years. Earlier this year, the central bank delivered its highest-ever dividend of Rs.2.11 lakh crore.
A postgraduate from St Stephen's College, Delhi University, Das leaves behind a legacy of resilience, reform, and a collaborative governance approach.
Sanjay Malhotra Becomes RBI’s 26th Governor, Taking Over from Shaktikanta Das