Shares marked a one-week closing high on Wednesday, driven by financials and automakers after the government appointed a new central bank governor quickly, amid state election results raising hopes of increased rural spending.

The government moved swiftly to appoint ex-finance ministry official Shaktikanta Das as Reserve Bank of India governor on Tuesday, just a day after Urjit Patel resigned from the post, following months of clashes with the government over lending curbs and how to deploy the central bank's surplus reserves.

Both the broader NSE index and the benchmark BSE Sensex ended 1.79 per cent firmer. The NSE Nifty settled at 10,737.6, while the Sensex clocked out at 35,779.07.

Shares of Housing Development Finance Corporation Ltd rose 1.8 per cent, while those of Hero MotoCorp Ltd climbed 7.2 per cent to its best close in three months. The Nifty Auto Index ended 3.6 per cent higher.

Bharti Airtel Ltd's stock surged as much as 7.2 per cent in the last few minutes of trade, before settling 5.3 per cent higher.

Shares marked a one-week closing high on Wednesday, driven by financials and automakers after the government appointed a new central bank governor quickly, amid state election results raising hopes of increased rural spending.

Shares marked a one-week closing high on Wednesday, driven by financials and automakers after the government appointed a new central bank governor quickly, amid state election results raising hopes of increased rural spending. The government moved swiftly to appoint ex-finance ministry official Shaktikanta Das as Reserve Bank of India governor on Tuesday, just a day after Urjit Patel resigned from the post, following months of clashes with the government over lending curbs and how to deploy the central bank's surplus reserves. Both the broader NSE index and the benchmark BSE Sensex ended 1.79 per cent firmer. The NSE Nifty settled at 10,737.6, while the Sensex clocked out at 35,779.07. Shares of Housing Development Finance Corporation Ltd rose 1.8 per cent, while those of Hero MotoCorp Ltd climbed 7.2 per cent to its best close in three months. The Nifty Auto Index ended 3.6 per cent higher. Bharti Airtel Ltd's stock surged as much as 7.2 per cent in the last few minutes of trade, before settling 5.3 per cent higher.

Nifty, Sensex end higher after swift change of guard at RBI

Finance Minister Arun Jaitley on Tuesday said the <a href="http://www.wionews.com/business-economy/shaktikanta-das-appointed-new-rbi-governor-after-urjit-patels-exit-183297">new RBI Governor Shaktikanta Das</a> has the right credentials to hold the post and expressed confidence that he will be meet the challenges facing the nation.&nbsp;

He asserted that the independence and autonomy of the RBI will be maintained, saying it is in the interest of the government. Das, a member of the 15th Finance Commission and former Economic Affairs Secretary, was appointed as RBI Governor, a day after Urjit Patel quit abruptly.&nbsp;

Das, an IAS officer from the Tamil Nadu cadre, will have a tenure of three years, according to a decision taken by the Appointments Committee of the Cabinet (ACC).&nbsp;

"The vacancy arose after Urjit Patel resigned and we accepted his resignation today," Jaitley said.&nbsp;

Talking about Das, the finance minister said, "I think he has the right credentials, he has been extremely professional. He has worked under various governments, has excelled himself and I am sure in meeting the challenges before India`s economy as a Governor of RBI. He`ll certainly add to that office."&nbsp;

To a question, he said that the government of India believes the RBI is an independent body and the government will support RBI and coordinate with it whenever required.&nbsp;

"It is interest of the government to maintain independence and autonomy of the RBI and the government is committed to this effect," said Jaitley.&nbsp;

Praising Das, he said, "Besides his experience as the Revenue Secretary, Economic Affairs Secretary, he also had the experience in preparing several budgets as joint secretary, in charge of budget division. Subsequently he has been a G20 Sherpa on behalf of India. He`s been a member of 15th Finance Commission," he added.&nbsp;

 
&nbsp;

Finance Minister Arun Jaitley on Tuesday said the new RBI Governor Shaktikanta Das has the right credentials to hold the post and expressed confidence that he will be meet the challenges facing the nation.

Finance Minister Arun Jaitley on Tuesday said the new RBI Governor Shaktikanta Das has the right credentials to hold the post and expressed confidence that he will be meet the challenges facing the nation. He asserted that the independence and autonomy of the RBI will be maintained, saying it is in the interest of the government. Das, a member of the 15th Finance Commission and former Economic Affairs Secretary, was appointed as RBI Governor, a day after Urjit Patel quit abruptly. Das, an IAS officer from the Tamil Nadu cadre, will have a tenure of three years, according to a decision taken by the Appointments Committee of the Cabinet (ACC). "The vacancy arose after Urjit Patel resigned and we accepted his resignation today," Jaitley said. Talking about Das, the finance minister said, "I think he has the right credentials, he has been extremely professional. He has worked under various governments, has excelled himself and I am sure in meeting the challenges before India`s economy as a Governor of RBI. He`ll certainly add to that office." To a question, he said that the government of India believes the RBI is an independent body and the government will support RBI and coordinate with it whenever required. "It is interest of the government to maintain independence and autonomy of the RBI and the government is committed to this effect," said Jaitley. Praising Das, he said, "Besides his experience as the Revenue Secretary, Economic Affairs Secretary, he also had the experience in preparing several budgets as joint secretary, in charge of budget division. Subsequently he has been a G20 Sherpa on behalf of India. He`s been a member of 15th Finance Commission," he added.

Jaitley confident new RBI governor Shaktikanta Das will meet challenges on economic front

For a career bureaucrat who was equally at ease with three different finance ministers, the journey from North Block to Mint Street has often seen him adopting a non-confrontational approach and building consensus on tackling tricky issues.

Considered an efficient implementer and a team player, <a href="http://www.wionews.com/business-economy/shaktikanta-das-appointed-new-rbi-governor-after-urjit-patels-exit-183297">Shaktikanta Das</a> may be the right man in the Reserve Bank of India (RBI) that has seen a governor quit for the first time in almost three decades amid tensions with the finance ministry over governance and autonomy issues.

Das, a 1980 batch IAS officer of the Tamil Nadu cadre, is a post graduate in history from the Delhi University but had mostly worked in economic and finance departments in the state and the centre during his 37-year-long tenure.

The man, who fielded questions on the day the Modi government made the shock announcement of junking overnight 86 per cent of the currency in circulation, first came to the finance ministry as a joint secretary in 2008 when P Chidambaram was the finance minister.

He stayed on as the reins were taken over by Pranab Mukherjee and was part of budget making for five consecutive years first as a joint secretary and then as an additional secretary. This spanned over tenures of Mukherjee and Chidambaram.&nbsp;

Das was promoted as Secretary, Department of Chemicals and Fertilizers in December 2013 but was brought back to the finance ministry as revenue secretary when the BJP-led government stormed to power in mid-2014.

He first played a part in the Modi government's crackdown on black money and then building a consensus for the impending rollout of the Goods and Services Tax (GST).

Moved to the economic affairs department in September 2015, he was in-charge when the government on November 8, 2016, withdrew from circulation old 500 and 1,000 rupee notes.

From defending the shock announcement to spearheading the demonetisation drive that included the cumbersome process of printing and supplying new 500 and 2,000 rupees notes, his calm composure brought a sense of serenity to an otherwise chaotic situation.

Mild-mannered, Das is known to rarely lose his cool and focus mostly on looking at solutions through consensus rather than shoving a solution down -- qualities that will come handy at the RBI which is having an unprecedented face-off with the finance ministry.

For last few weeks, the RBI has been at loggerheads with the finance ministry on matters ranging from the appropriate size of the reserves the central bank must hold to the easing of lending norms for sectors such as small and medium enterprises.

Besides, there are differences on governance issue as to what should be the level of involvement of central board on various important decision.&nbsp;&nbsp; &nbsp;&nbsp;

The role is well charted before the new Governor Das, who has served on the board of the RBI as a government nominee director for nearly two years as Economic Affairs Secretary till May 2017.

Soon after superannuation, the government appointed Das as G-20 Sherpa of India and a member of the 15th Finance Commission, an MoS rank position in the Government of India.&nbsp;&nbsp; &nbsp;

Das will be the 25th Governor of the RBI. The rare blip on his otherwise illustrious career came in June 2016 when BJP's Subramanian Swamy took a veiled dig that a case pending against Das for allegedly helping Chidambaram "swallow" real estate in Mahabalipuram.

The attack was over a period when he was industry secretary in the Tamil Nadu government.&nbsp;

Naturally, Jaitley came out in full defence of his trusted bureaucrat saying he fully backed him and "an unfair and false attack on a disciplined civil servant" was being made.&nbsp;

For a career bureaucrat who was equally at ease with three different finance ministers, the journey from North Block to Mint Street has often seen him adopting a non-confrontational approach and building consensus on tackling tricky issues.

For a career bureaucrat who was equally at ease with three different finance ministers, the journey from North Block to Mint Street has often seen him adopting a non-confrontational approach and building consensus on tackling tricky issues. Considered an efficient implementer and a team player, Shaktikanta Das may be the right man in the Reserve Bank of India (RBI) that has seen a governor quit for the first time in almost three decades amid tensions with the finance ministry over governance and autonomy issues. Das, a 1980 batch IAS officer of the Tamil Nadu cadre, is a post graduate in history from the Delhi University but had mostly worked in economic and finance departments in the state and the centre during his 37-year-long tenure. The man, who fielded questions on the day the Modi government made the shock announcement of junking overnight 86 per cent of the currency in circulation, first came to the finance ministry as a joint secretary in 2008 when P Chidambaram was the finance minister. He stayed on as the reins were taken over by Pranab Mukherjee and was part of budget making for five consecutive years first as a joint secretary and then as an additional secretary. This spanned over tenures of Mukherjee and Chidambaram. Das was promoted as Secretary, Department of Chemicals and Fertilizers in December 2013 but was brought back to the finance ministry as revenue secretary when the BJP-led government stormed to power in mid-2014. He first played a part in the Modi government's crackdown on black money and then building a consensus for the impending rollout of the Goods and Services Tax (GST). Moved to the economic affairs department in September 2015, he was in-charge when the government on November 8, 2016, withdrew from circulation old 500 and 1,000 rupee notes. From defending the shock announcement to spearheading the demonetisation drive that included the cumbersome process of printing and supplying new 500 and 2,000 rupees notes, his calm composure brought a sense of serenity to an otherwise chaotic situation. Mild-mannered, Das is known to rarely lose his cool and focus mostly on looking at solutions through consensus rather than shoving a solution down -- qualities that will come handy at the RBI which is having an unprecedented face-off with the finance ministry. For last few weeks, the RBI has been at loggerheads with the finance ministry on matters ranging from the appropriate size of the reserves the central bank must hold to the easing of lending norms for sectors such as small and medium enterprises. Besides, there are differences on governance issue as to what should be the level of involvement of central board on various important decision. The role is well charted before the new Governor Das, who has served on the board of the RBI as a government nominee director for nearly two years as Economic Affairs Secretary till May 2017. Soon after superannuation, the government appointed Das as G-20 Sherpa of India and a member of the 15th Finance Commission, an MoS rank position in the Government of India. Das will be the 25th Governor of the RBI. The rare blip on his otherwise illustrious career came in June 2016 when BJP's Subramanian Swamy took a veiled dig that a case pending against Das for allegedly helping Chidambaram "swallow" real estate in Mahabalipuram. The attack was over a period when he was industry secretary in the Tamil Nadu government. Naturally, Jaitley came out in full defence of his trusted bureaucrat saying he fully backed him and "an unfair and false attack on a disciplined civil servant" was being made.

New RBI Governor Shaktikanta Das's journey from North Block to Mint Street 

The government on Tuesday appointed former finance secretary Shaktikanta Das as the new governor of Reserve Bank of India. He will have a three-year tenure.

Urjit Patel's shock resignation from the post on Monday following a policy tussle with the government had sent tremors through financial markets, and investors were keen to see the government quickly name a credible replacement.

Das, 61, is currently a member of the the finance commission, and one of India's serving G20 representatives. He was widely perceived to be a contender for the top job at the RBI after the exit of former governor Raghuram Rajan in 2016.

He previously served on the central bank's board. Das came under fire for his pro-demonetisation stance and he was the most visible and vocal bureaucrat at the time Modi withdrew the high-value bank notes in 2016.

Last year, Das criticised the methodology of global rating agencies and sought a sovereign rating upgrade. Das has worked extensively in the budget division under both Modi government and the previous coalition led by the Congress.

(With inputs from agencies)

The government on Tuesday appointed former finance secretary Shaktikanta Das as the new governor of Reserve Bank of India. He will have a three-year tenure. Urjit Patel's shock resignation from the post on Monday following a policy tussle with the government had sent tremors through financial markets, and investors were keen to see the government quickly name a credible replacement.

The government on Tuesday appointed former finance secretary Shaktikanta Das as the new governor of Reserve Bank of India. He will have a three-year tenure. Urjit Patel's shock resignation from the post on Monday following a policy tussle with the government had sent tremors through financial markets, and investors were keen to see the government quickly name a credible replacement. Das, 61, is currently a member of the the finance commission, and one of India's serving G20 representatives. He was widely perceived to be a contender for the top job at the RBI after the exit of former governor Raghuram Rajan in 2016. He previously served on the central bank's board. Das came under fire for his pro-demonetisation stance and he was the most visible and vocal bureaucrat at the time Modi withdrew the high-value bank notes in 2016. Last year, Das criticised the methodology of global rating agencies and sought a sovereign rating upgrade. Das has worked extensively in the budget division under both Modi government and the previous coalition led by the Congress. (With inputs from agencies)

Shaktikanta Das appointed new RBI governor after Urjit Patel's exit

The economic affairs secretary Wednesday quashed rumours of a new Rs 1,000 note being rolled out.&nbsp;

&quot;No plans to introduce Rs 1000 notes. Focus is on production &amp; supply of Rs 500 and lower deonomination notes,&quot; Shaktikanta Das tweeted.&nbsp;

Social media had been abuzz recently with the rumour that a new note was in the offing.

The government had demonetised the old Rs 1,000 and Rs 500 notes on November 8 last year. It has since then rolled out new Rs 2,000 and Rs 500 notes.

The demonetisation of the old notes added up 86 per cent of the country&#39;s currency being taken out of circulation, leading to severe problems all around.&nbsp;

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No plans to introduce ?1000 notes. Focus is on production &amp; supply of ?500 &amp; lower denomination notes,tweets Eco Affairs Secy Shaktikant Das <a href="https://t.co/k3ugryuJVU">pic.twitter.com/k3ugryuJVU</a>
&mdash; ANI (@ANI_news) <a href="https://twitter.com/ANI_news/status/834269088687980544">February 22, 2017</a></blockquote>
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Complaints of cash out in ATMs being addressed.Request ppl to draw cash they actually require.Overdrawal by some deprives others ,tweets Das <a href="https://t.co/qPv9qSIiiY">pic.twitter.com/qPv9qSIiiY</a>
&mdash; ANI (@ANI_news) <a href="https://twitter.com/ANI_news/status/834270122860826624">February 22, 2017</a></blockquote>
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Enough cash available. Logistics, issues of reloading ATMs more frequently being addressed, tweets Economic Affairs Secy Shaktikanta Das <a href="https://t.co/Ea3iB0tS5f">pic.twitter.com/Ea3iB0tS5f</a>
&mdash; ANI (@ANI_news) <a href="https://twitter.com/ANI_news/status/834310258952634369">February 22, 2017</a></blockquote>
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Das addressed some of those problems too on Wednesday, tweeting: &quot;Complaints of cash out in ATMs being addressed.&quot;&nbsp;

But he put the onus on the people, saying, &quot;Request ppl to draw cash they actually require. Overdrawal by some deprives others.&quot;

He added: &quot;Enough cash available. Logistics, issues of reloading ATMs more frequently being addressed.&quot;&nbsp;

(WION)

Social media had been abuzz recently with the rumour that a new note was in the offing

The economic affairs secretary Wednesday quashed rumours of a new Rs 1,000 note being rolled out. "No plans to introduce Rs 1000 notes. Focus is on production & supply of Rs 500 and lower deonomination notes," Shaktikanta Das tweeted. Social media had been abuzz recently with the rumour that a new note was in the offing. The government had demonetised the old Rs 1,000 and Rs 500 notes on November 8 last year. It has since then rolled out new Rs 2,000 and Rs 500 notes. The demonetisation of the old notes added up 86 per cent of the country's currency being taken out of circulation, leading to severe problems all around. No plans to introduce ?1000 notes. Focus is on production & supply of ?500 & lower denomination notes,tweets Eco Affairs Secy Shaktikant Das pic.twitter.com/k3ugryuJVU — ANI (@ANI_news) February 22, 2017 × Complaints of cash out in ATMs being addressed.Request ppl to draw cash they actually require.Overdrawal by some deprives others ,tweets Das pic.twitter.com/qPv9qSIiiY — ANI (@ANI_news) February 22, 2017 × Enough cash available. Logistics, issues of reloading ATMs more frequently being addressed, tweets Economic Affairs Secy Shaktikanta Das pic.twitter.com/Ea3iB0tS5f — ANI (@ANI_news) February 22, 2017 × Das addressed some of those problems too on Wednesday, tweeting: "Complaints of cash out in ATMs being addressed." But he put the onus on the people, saying, "Request ppl to draw cash they actually require. Overdrawal by some deprives others." He added: "Enough cash available. Logistics, issues of reloading ATMs more frequently being addressed." (WION)

Demonetisation: No new Rs 1,000 note coming, says Shaktikanta Das

The Reserve Bank of&nbsp;India&nbsp;has infused more than Rs 5 trillion ($73.66 billion) of currency&nbsp;notes&nbsp;into the banking system since November&nbsp;8, Economic Affairs Secretary Shaktikanta Das told reporters on Thursday.

This is a fraction of the Rs 15.44 trillion in 500- and 1,000-rupee&nbsp;notes&nbsp;that were circulating before Prime Minister Narendra Modi abolished them last month, in a surprise move targeting counterfeiters and people holding undeclared wealth.

So far,&nbsp;Indian banks have taken back 12.44 trillion rupees ($184.24 billion) of high-value banknotes.

Speaking at a press conference, Das said the government was earlier trying to print more of Rs 2,000 currency notes but now were focusing on printing more Rs 500 notes.

He also said the new notes allowed less chances of counterfeiting.

(WION with inputs from Reuters)

Economics Affairs advisor Shaktikanta Das also informed the government was now focusing on printing more Rs 500 notes

The Reserve Bank of India has infused more than Rs 5 trillion ($73.66 billion) of currency notes into the banking system since November 8, Economic Affairs Secretary Shaktikanta Das told reporters on Thursday. This is a fraction of the Rs 15.44 trillion in 500- and 1,000-rupee notes that were circulating before Prime Minister Narendra Modi abolished them last month, in a surprise move targeting counterfeiters and people holding undeclared wealth. So far, Indian banks have taken back 12.44 trillion rupees ($184.24 billion) of high-value banknotes. Speaking at a press conference, Das said the government was earlier trying to print more of Rs 2,000 currency notes but now were focusing on printing more Rs 500 notes. He also said the new notes allowed less chances of counterfeiting. (WION with inputs from Reuters)

Demonetisation: So far, Indian govt has infused 33% of new notes in banks

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