Published 02:27 IST, February 4th 2020
RBI Governor Shaktikanta Das named ‘Central Banker of the year 2020, Asia-Pacific’
Shaktikanta Das has been named as the Central Banker of the Year, Asia-Pacific 2020, by 'The Banker' magazine, a unit of Financial Times (FT).
- India News
- 3 min read
Reserve Bank of India (RBI) Governor Shaktikanta Das has been named as the Central Banker of the Year, Asia-Pacific 2020, by 'The Banker' magazine, a unit of Financial Times (FT). The award is given to central bankers who have “best managed to stimulate growth and stabilise their economy”.
Das wins award
The magazine said, "Faced with various challenges, the RBI Governor has taken steps to bring banking in India up to the standard through a restrained approach to Governor. He has brought in measures to tighten the rules around shadow banking, refusing to bail out non-banking financial companies (NBFC)."
It said that Das tried to manage banking issues within the financial system, a risky move but one that will reduce dependence on the central bank.
"Lenders outside the traditional bank network have been placed under greater levels of scrutiny. Housing finance companies have been brought under the regulation of RBI and will adhere to the same rules framework of non-bank finance companies...As the threat from newer micro-finance institutions looms, Das moved to help the country’s urban co-operative banks install a robust IT system that will allow them to offer banking services at a lower cost and with safeguards to protect the customer," the magazine added.
'The Banker' quoted Das as saying, "An environment of macroeconomic stability, as reflected in low and stable inflation, notwithstanding its recent spike that is expected to be transient; a sustainable current account deficit; and rising foreign exchange reserves have contributed towards maintaining financial stability and laying a platform for sustained growth."
Speaking recently on the challenged that the country's monetary policy faces, the RBI Governor said, "The precise estimation of key parameters such as potential output and output gaps on a real time basis is a challenging task, although they are crucial for the conduct of monetary policy. In recent times, shifting trend growth in several economies, global spillover effects and disconnect between the financial cycles and business cycles in the face of supply shocks broadly explain why monetary policy around the world is in a state of flux. Nonetheless, a view has to be taken on the true nature of the slack in demand and supply-side shocks to inflation for the timely use of countercyclical policies."
(Image credits: PTI)
Updated 02:28 IST, February 4th 2020