Ajit Karn
Shaktikanta Das, the governor of the Reserve Bank of India, was received ‘Governor of the Year’ award for 2023 by Central Banking in London. Central Banking is an international publication for economic research. The award was given in recognition of his role as the head of the RBI in managing inflation and deftly guiding India’s banking system through crises such as the COVID pandemic and global turmoil.
According to the event’s organizers, the governor of the Reserve Bank of India is behind crucial reforms, has ensured the smooth administration of world-leading payment innovations, and has led India through difficult times.
The organizers said in a statement, “The RBI governor has solidified critical reforms, oversaw world-leading payments innovation, and led India through difficult times with a steady hand and well-crafted language.”
The publication recommended him for the award in March 2023. His stewardship of the central bank during global turmoil and difficult circumstances earned him the title. During the COVID-19 pandemic, significant non-banking corporations, Russia-Ukraine war, etc., he managed India’s central bank and ultimately the entire banking system with finesse.
Shaktikanta Das held the position during the month of December in 2018. Prior to his appointment, the largest Non-Banking Financial Company (NBFC) in India went insolvent, causing a liquidity crisis. The collapse of NBFCs also revealed significant flaws in the business models of several mid-sized banks that relied extensively on NBFCs. Several other banks, including Punjab and Maharashtra Co-operative Bank, failed subsequently.
Moreover, he is the second governor of the Central Bank to receive this honor, following Raghuram Rajan in 2015.
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During the pandemic, he was instrumental in the RBI’s implementation of crucial reforms, innovative payment systems, and growth-oriented measures.
Under his direction, India’s central bank was able to strike a balance between the need to control inflation and the need to manage political pressure.
