NEW DELHI: Shaktikanta Das, the governor of the Reserve Bank of India, was named 'Governor of the Year' for 2023 by Central Banking in London. Central Banking is an international economic research publication. The award recognised his efforts as Governor of the Reserve Bank of India in limiting inflation and successfully managing India's financial system during crises such as the COVID pandemic and global turmoils.
Das' tenure, which began in 2018, "has been distinguished by a succession of grave obstacles, beginning with the failure of a key non-bank enterprise, continuing through the first and second waves of the coronavirus, and culminating in Russia's invasion of Ukraine and its inflationary impact in 2022." according to the statement.
According to the organisers, the Governor Das of the Reserve Bank of India is the driving force behind critical reforms, has ensured the efficient administration of world-leading payments innovation, and has led India through difficult times.
The publication nominated him for the award in March 2023. He was given the title in recognition of his leadership of the central bank during a period of global turbulence and adversity. He skillfully handled India's central bank and, later, the whole banking sector during the COVID-19 pandemic, big non-banking firms, the Russia-Ukraine war, and other events.
In December of 2018, Shaktikanta Das held the role. Months before his tenure, India's largest non-banking financial company (NBFC) declared bankruptcy, causing a liquidity crisis. The NBFC debacle exposed significant flaws in the business models of several mid-sized banks that relied largely on NBFCs. Following that, numerous other banks, including Punjab and Maharashtra Co-operative Bank, went bankrupt.
Furthermore, he is the second Central Bank governor to receive the prize, following Raghuram Rajan in 2015.
During the epidemic, the RBI was important in introducing critical reforms, new payment systems, and growth-oriented policies.
Governor Shaktikanta Das has been credited for supervising the UPI project and propelling the country to the forefront of the central bank digital currency (CBDC) pack. Das' resistance to crypto assets in India was also underlined in the statement.
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