<a href="http://www.wionews.com/business-economy/rbi-will-not-allow-loose-money-situation-shaktikanta-das-188778">Reserve Bank of India (RBI) Governor Shaktikanta Das</a> Monday said any generalised farm loan waiver adversely impacts the credit culture and the behaviour of borrowers, amid various state governments announcing waivers.

The statement assumes significance in view of three newly elected state governments implementing farm loan waivers in their states in pursuance of poll promises.

When asked about his views on loan write-off for farmers by state governments, he said farm loan waiver is related to the fiscal space that a particular state government has.

"Elected governments have the constitutional mandate to take decisions with regard to their finance but every state government, before taking decisions on any kind of farm loan waivers, has to very carefully examine its fiscal space," he said.

"It's also for the individual governments to examine whether they have the fiscal space to meet the requirements and release the money to the banks immediately. Any generalised kind of write-off obviously has an adverse effect on the credit culture and the future credit behaviour of the borrowers," he said.

About Rs 1.47 lakh crore of agricultural loans are outstanding in Madhya Pradesh, Rajasthan, and Chhattisgarh, which announced waivers recently.

 
In 2017, Uttar Pradesh, Maharashtra, and Punjab announced to write off unpaid loans. Earlier this year, the coalition government in Karnataka also announced a farm loan waiver.

Asked about phasing out of Rs 2,000 notes, Das said the economic affairs department has clarified on the issue and there is nothing more to add to that.

Last week, the government had indicated that printing of Rs 2,000 bank notes, introduced after demonetisation in November 2016, has been stopped for now as there is enough stock in circulation.

Economic Affairs Secretary Subhash Chandra Garg had said printing of notes is planned as per the projected requirement.

"We have more than adequate notes of Rs 2,000 in the system with over 35 per cent of notes by value in circulation being of Rs 2,000. There has been no decision regarding 2,000 rupee note production recently," the secretary had said.

On the interim dividend, Das said, "as and when the RBI takes any decision on any matter, you will come to know about it."

The government has requested the RBI to give interim dividend as was done in the past. In the previous financial year, the central bank gave Rs 10,000 crore as interim dividend to the government.

"Lot of correspondence goes on between the government and the Reserve Bank. A lot of discussions do take place, whether there is an individual letter or not, that is not really relevant. As and when any decision (on interim dividend) is taken the Reserve Bank will not delay in announcing the decision," he said.

Asked if banks being given a target to come out of the non-performing asset problem, he said there is no such target given by the RBI.

"Reserve Bank takes the final decision on matters which are in its own domain, after considering all the aspects. So, Reserve Bank will listen to everybody. (It) will interact with everybody including the government but the final decision will be taken by the Reserve Bank in an objective manner to the best of its judgement," he said.

About Rs 1.47 lakh crore of agricultural loans are outstanding in Madhya Pradesh, Rajasthan, and Chhattisgarh, which announced waivers recently.

Reserve Bank of India (RBI) Governor Shaktikanta Das Monday said any generalised farm loan waiver adversely impacts the credit culture and the behaviour of borrowers, amid various state governments announcing waivers. The statement assumes significance in view of three newly elected state governments implementing farm loan waivers in their states in pursuance of poll promises. When asked about his views on loan write-off for farmers by state governments, he said farm loan waiver is related to the fiscal space that a particular state government has. "Elected governments have the constitutional mandate to take decisions with regard to their finance but every state government, before taking decisions on any kind of farm loan waivers, has to very carefully examine its fiscal space," he said. "It's also for the individual governments to examine whether they have the fiscal space to meet the requirements and release the money to the banks immediately. Any generalised kind of write-off obviously has an adverse effect on the credit culture and the future credit behaviour of the borrowers," he said. About Rs 1.47 lakh crore of agricultural loans are outstanding in Madhya Pradesh, Rajasthan, and Chhattisgarh, which announced waivers recently. In 2017, Uttar Pradesh, Maharashtra, and Punjab announced to write off unpaid loans. Earlier this year, the coalition government in Karnataka also announced a farm loan waiver. Asked about phasing out of Rs 2,000 notes, Das said the economic affairs department has clarified on the issue and there is nothing more to add to that. Last week, the government had indicated that printing of Rs 2,000 bank notes, introduced after demonetisation in November 2016, has been stopped for now as there is enough stock in circulation. Economic Affairs Secretary Subhash Chandra Garg had said printing of notes is planned as per the projected requirement. "We have more than adequate notes of Rs 2,000 in the system with over 35 per cent of notes by value in circulation being of Rs 2,000. There has been no decision regarding 2,000 rupee note production recently," the secretary had said. On the interim dividend, Das said, "as and when the RBI takes any decision on any matter, you will come to know about it." The government has requested the RBI to give interim dividend as was done in the past. In the previous financial year, the central bank gave Rs 10,000 crore as interim dividend to the government. "Lot of correspondence goes on between the government and the Reserve Bank. A lot of discussions do take place, whether there is an individual letter or not, that is not really relevant. As and when any decision (on interim dividend) is taken the Reserve Bank will not delay in announcing the decision," he said. Asked if banks being given a target to come out of the non-performing asset problem, he said there is no such target given by the RBI. "Reserve Bank takes the final decision on matters which are in its own domain, after considering all the aspects. So, Reserve Bank will listen to everybody. (It) will interact with everybody including the government but the final decision will be taken by the Reserve Bank in an objective manner to the best of its judgement," he said.

Generalised farm loan waiver impacts credit culture, says RBI Governor Shaktikanta Das

British Prime Minister Rishi Sunak, who is currently dealing with an economic crisis before the general elections, is in the news for a private jet he took last year that was apparently funded by an entrepreneur named Akhil Tripath who is also a minor Tory donor.

British Prime Minister Rishi Sunak, who is currently dealing with an economic crisis before the general elections, is in the news for a private jet he took last year that was apparently funded by an entrepreneur named Akhil Tripath who is also a minor Tory donor. British media was awash with headlines Thursday (Feb 29) about how Sunak attended two Conservative conferences in Wales and Scotland last year and took a private jet to travel there. The private jet was funded by Tripathi, a report by the Financial Times on Thursday said. Tripathi is the co-founder of Signifier Medical Technologies, a start-up that deals in anti-snoring devices and is facing losses. Questions are now being raised about how Tripathi gained access to Prime Minister Sunak and the due diligence done by the Conservative Party before accepting his money. Following Sunak's trip in April 2023, he sent a thank-you note to Tripathi for arranging the flight. However, the private jet did not belong to Tripathi and was rented. So who is Akhil Tripathi? Entrepreneur, minor Tony donor Tripathi's startup Signifier Medical Technologies focuses on the development and commercialisation of innovative and non-invasive solutions for patients with snoring and sleep disorder-related breathing conditions. The company is hoping to sell its anti-snoring device to the National Health Service (NHS). Also read | Rishi Sunak calls out threats to MPs, warns of 'toxic' culture in UK politics The Financial Times report said that Tripathi is a minor Tory donor. Months after he arranged the private jet for Prime Minister Sunak, Tripathi was embroiled in a civil fraud case involving his start-up. He rented the Embraer Legacy 500 to Sunak, which the PM recorded as a $48,619 (around £38,500) gift. Sunak's trips led to questions about the due diligence that he and the Conservative party did on Tripathi, the report added. Tripathi made his first donation worth $63,142 to the Conservatives in July 2021. In total, he has given nearly $194,000 to the party. Since developing a relationship with Sunak, Tripathi has been pursued in the courts by investors in his startup. As per the report, one investor said that Tripathi committed a “fraud” in relation to the company. Also watch | Rishi Sunak's asylum laws trapping 55,000 people in perma-backlog: Report × Meanwhile, the entrepreneur has held meetings with several politicians, including former health secretary Sajid Javid and Chancellor of the Exchequer Jeremy Hunt. Not much is known about Tripathi's early background. As per Companies House, he is an Indian national born in 1985. He has been the co-founder of many other startups apart from Signifier. At the time Tripathi arranged for the flight for Sunak, Signifier reported losses of $42.3 million on revenue of just $3.1 million for the year to March 31, 2022, the report said. But despite the losses, Tripathi lived a glamorous lifestyle. 'How did Sunak end up on that plane?' The Labour Party demanded that Sunak and the Conservative Party should give an account of how the prime minister ended up on that private jet. “They must explain on what basis Mr Tripathi gained access to the highest levels of government, and what checks were made on his background before he did so,” Emily Thornberry, Labour’s shadow attorney-general, told the publication. Tripathi is currently facing two civil actions in the High Court of Justice in London. A Conservative party official said that on reflection, PM Sunak should have “maybe thought twice” before getting on the private jet arranged by the entrepreneur. (With inputs from agencies)

RBI likely to give government bumper interim dividend: Sources

The Reserve Bank of India (RBI) will not like the banking system to be in a situation of "loose money", Governor Shaktikanta Das said on Monday after a meeting with representatives of small- and medium-sized businesses.

The RBI is also looking at new governance reforms for state-owned banks but will not "throttle" their functioning, Das told reporters.

The Reserve Bank of India (RBI) will not like the banking system to be in a situation of "loose money", Governor Shaktikanta Das said on Monday after a meeting with representatives of small- and medium-sized businesses.

The Reserve Bank of India (RBI) will not like the banking system to be in a situation of "loose money", Governor Shaktikanta Das said on Monday after a meeting with representatives of small- and medium-sized businesses. The RBI is also looking at new governance reforms for state-owned banks but will not "throttle" their functioning, Das told reporters.

RBI will not allow 'loose money' situation: Shaktikanta Das

The outgoing year marks a watershed in the annals of the country’s apex bank as the Reserve Bank of India (RBI) turned out to be a tussling ground for its governor and the government.

The denouement came when the soft, scholarly and self-effacing twenty-fourth governor of the central bank, Urjit Patel, called it quits on December 10 and the government lost little time in filling the vacancy with a retired career bureaucrat and Member Fifteenth Finance Commission, Shaktikanta Das.

In a written reply to a query, Minister of State for Finance Shiv Pratap Shukla, conceded in the Lok Sabha on December 14 that the “government asked RBI for a review of its Economic Capital Framework (ECF) adopted in 2016… the board has decided to constitute an Expert Committee to examine the ECF, the membership of the terms of reference of which will be jointly determined by the government and the RBI”.&nbsp;

It needs to be noted that the erstwhile governor Patel stuck to his guns in not yielding an inch in the governing structure and economic policy framework that would translate into more access to the government to RBI’s surplus reserves of Rs 9.3 lakh crore.

This is all the more so when the RBI has the big mandate to keep inflation at four per cent within a band of plus/minus one per cent. So any leeway or access to the surplus funds parked with the banking regulator being extended to the government especially at a time when the nation is going to the mega polls in 2019, is bound to goad it to splurge on goodies and other populist schemes that would only stoke and fuel inflationary fires before long. &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;

Though other weighty issues such as credit and liquidity being made reasonably available to the real sectors of the economy and at an affordable cost, the central bank is seized of the problems and is taking steps to ensure that credit delivery to the vital sectors is ensured through various ongoing measures it had kept unveiling from time to time.&nbsp;

RBI data reveals that the banking system’s non-food credit growth, which touched a nadir to 7-8 per cent in the three years to October 2017 (when the RBI cracked the whip to cleanse the stable of sore NPAs), returned to double-digit growth between October 2017 to October 2018 at 13 per cent.

The arrival of a bureaucrat to the RBI as its top man is coterminous with the efforts of the BJP-led NDA government to revive the fortunes of the slowing economy. For Shaktikanta Das, who was instrumental in altering the industrial landscape of Tamil Nadu as the Industries Secretary in two spells, his elevation to the corner office of the central bank is bound to be keenly watched by wonks. He had worked in the Finance Ministry at various levels and was representing the government side in framing the inflation-targeting as the supreme remit of the RBI, besides being a vocal supporter of the controversial demonetisation policy of the government.

He has plates full of priority issues that range from RBI governance, transfer of RBI reserves to the government, systemic liquidity encompassing a window for distressed finance companies, relaxation of the February 12 circular, which hardened the norms for non-performing loans to allowing banks that are in the Prompt Corrective Action (PCA) category, to resume lending.&nbsp;

The first board meeting he presided over on December 14 was shorn of drama/trauma, confined to less than an hour by resolving to examine the issues further, review liquidity, credit delivery and economic situation.

As its next board meeting is in January 2019, Das must perforce have to balance his new avatar as a central banker with his quondam position as one from the other side of the ring, so that he is seen not abandoning the quest of his predecessor bureaucrat-turned RBI governors such as YV Reddy and D Subba Rao, who strove to ensure the autonomy, credibility and independence of the RBI even by demurring with their Finance Ministers in their own unobtrusive ways.

(This article was originally published on DNA. Read the <a href="https://www.dnaindia.com/analysis/column-shaktikanta-das-has-a-job-cut-out-for-himself-at-rbi-2699553">original article</a>)

(Disclaimer: The opinions expressed above are the personal views of the author and do not reflect the views of ZMCL)

The outgoing year marks a watershed in the annals of the country’s apex bank as the Reserve Bank of India (RBI) turned out to be a tussling ground for its governor and the government.

The outgoing year marks a watershed in the annals of the country’s apex bank as the Reserve Bank of India (RBI) turned out to be a tussling ground for its governor and the government. The denouement came when the soft, scholarly and self-effacing twenty-fourth governor of the central bank, Urjit Patel, called it quits on December 10 and the government lost little time in filling the vacancy with a retired career bureaucrat and Member Fifteenth Finance Commission, Shaktikanta Das. In a written reply to a query, Minister of State for Finance Shiv Pratap Shukla, conceded in the Lok Sabha on December 14 that the “government asked RBI for a review of its Economic Capital Framework (ECF) adopted in 2016… the board has decided to constitute an Expert Committee to examine the ECF, the membership of the terms of reference of which will be jointly determined by the government and the RBI”. It needs to be noted that the erstwhile governor Patel stuck to his guns in not yielding an inch in the governing structure and economic policy framework that would translate into more access to the government to RBI’s surplus reserves of Rs 9.3 lakh crore. This is all the more so when the RBI has the big mandate to keep inflation at four per cent within a band of plus/minus one per cent. So any leeway or access to the surplus funds parked with the banking regulator being extended to the government especially at a time when the nation is going to the mega polls in 2019, is bound to goad it to splurge on goodies and other populist schemes that would only stoke and fuel inflationary fires before long. Though other weighty issues such as credit and liquidity being made reasonably available to the real sectors of the economy and at an affordable cost, the central bank is seized of the problems and is taking steps to ensure that credit delivery to the vital sectors is ensured through various ongoing measures it had kept unveiling from time to time. RBI data reveals that the banking system’s non-food credit growth, which touched a nadir to 7-8 per cent in the three years to October 2017 (when the RBI cracked the whip to cleanse the stable of sore NPAs), returned to double-digit growth between October 2017 to October 2018 at 13 per cent. The arrival of a bureaucrat to the RBI as its top man is coterminous with the efforts of the BJP-led NDA government to revive the fortunes of the slowing economy. For Shaktikanta Das, who was instrumental in altering the industrial landscape of Tamil Nadu as the Industries Secretary in two spells, his elevation to the corner office of the central bank is bound to be keenly watched by wonks. He had worked in the Finance Ministry at various levels and was representing the government side in framing the inflation-targeting as the supreme remit of the RBI, besides being a vocal supporter of the controversial demonetisation policy of the government. He has plates full of priority issues that range from RBI governance, transfer of RBI reserves to the government, systemic liquidity encompassing a window for distressed finance companies, relaxation of the February 12 circular, which hardened the norms for non-performing loans to allowing banks that are in the Prompt Corrective Action (PCA) category, to resume lending. The first board meeting he presided over on December 14 was shorn of drama/trauma, confined to less than an hour by resolving to examine the issues further, review liquidity, credit delivery and economic situation. As its next board meeting is in January 2019, Das must perforce have to balance his new avatar as a central banker with his quondam position as one from the other side of the ring, so that he is seen not abandoning the quest of his predecessor bureaucrat-turned RBI governors such as YV Reddy and D Subba Rao, who strove to ensure the autonomy, credibility and independence of the RBI even by demurring with their Finance Ministers in their own unobtrusive ways. (This article was originally published on DNA. Read the original article) (Disclaimer: The opinions expressed above are the personal views of the author and do not reflect the views of ZMCL)

Shaktikanta Das has a job cut out for himself at RBI

&nbsp;The crucial central board meeting of the Reserve Bank is underway Friday morning to discuss contentious issues including a new economic capital framework (ECF) for the central bank and relaxation in the prompt corrective action norms for at least some of 12 state-run banks.

This is the first board meet chaired by the <a href="http://www.wionews.com/india-news/will-uphold-autonomy-of-rbi-new-governor-shaktikanta-das-183476">newly- appointed Shaktikanta Das</a>, who took over as the <a href="http://www.wionews.com/business-economy/shaktikanta-das-assumes-charge-as-rbi-governor-183416">25th governor</a> on Wednesday.

In the previous board meeting, held on November 19, the board had decided to constitute a committee of experts to fix the appropriate level of economic capital framework (ECF) that the central bank should hold at any given time and the membership and terms of reference of which will be jointly determined by government and RBI.

The issue of transfer of RBI's excess reserves, which stood at Rs 9.43 lakh crore as of June 2018, to the government has been one of the contentious issues between the government and the central bank for a long time and also one of the key reasons for the sudden <a href="http://www.wionews.com/india-news/rbi-governor-urjit-patel-resigns-cites-personal-reasons-182915">resignation of Urjit Patel</a> Monday.

The 18-member RBI board will also deliberate on the relaxation of prompt corrective action norms. Of the 21 state-owned banks, 11 are under the PCA framework, which imposes lending and other restrictions on weak lenders.

These are Allahabad Bank, United Bank of India, Corporation Bank, IDBI Bank, UCO Bank, Bank of India, Central Bank of India, Indian Overseas Bank, Oriental Bank of Commerce, Dena Bank and Bank of Maharashtra.

On Thursday, Das met the chiefs of a few state-run banks to discuss their concerns. Lenders requested the governor to ease the PCA norms and also sought relaxation in the one-day default norm announced in the February 12 RBI circular on the reclassification of NPAs.

At the November 19 meeting, the RBI board had also decided to refer the issue of relaxing PCA framework to the Board of Financial Supervision (BFS) of the central bank.

Unlike the last meet, which lasted for 10 hours, Friday's meeting is likely to get over by afternoon.&nbsp;

The crucial central board meeting of the Reserve Bank is underway Friday morning to discuss contentious issues including a new economic capital framework (ECF) for the central bank and relaxation in the prompt corrective action norms for at least some of 12 state-run banks.

The crucial central board meeting of the Reserve Bank is underway Friday morning to discuss contentious issues including a new economic capital framework (ECF) for the central bank and relaxation in the prompt corrective action norms for at least some of 12 state-run banks. This is the first board meet chaired by the newly- appointed Shaktikanta Das, who took over as the 25th governor on Wednesday. In the previous board meeting, held on November 19, the board had decided to constitute a committee of experts to fix the appropriate level of economic capital framework (ECF) that the central bank should hold at any given time and the membership and terms of reference of which will be jointly determined by government and RBI. The issue of transfer of RBI's excess reserves, which stood at Rs 9.43 lakh crore as of June 2018, to the government has been one of the contentious issues between the government and the central bank for a long time and also one of the key reasons for the sudden resignation of Urjit Patel Monday. The 18-member RBI board will also deliberate on the relaxation of prompt corrective action norms. Of the 21 state-owned banks, 11 are under the PCA framework, which imposes lending and other restrictions on weak lenders. These are Allahabad Bank, United Bank of India, Corporation Bank, IDBI Bank, UCO Bank, Bank of India, Central Bank of India, Indian Overseas Bank, Oriental Bank of Commerce, Dena Bank and Bank of Maharashtra. On Thursday, Das met the chiefs of a few state-run banks to discuss their concerns. Lenders requested the governor to ease the PCA norms and also sought relaxation in the one-day default norm announced in the February 12 RBI circular on the reclassification of NPAs. At the November 19 meeting, the RBI board had also decided to refer the issue of relaxing PCA framework to the Board of Financial Supervision (BFS) of the central bank. Unlike the last meet, which lasted for 10 hours, Friday's meeting is likely to get over by afternoon.

RBI board meeting gets underway

The board of the Reserve Bank of India said on Friday it had deliberated on the governance framework of the central bank and decided the matter requires "further examination".

The governance issue was a key part of the board meeting's agenda as the government wanted to have a greater say in the crucial regulatory decisions of the central bank through its board nominees.

The meeting, which wrapped up in less than four hours on Friday compared with the previous two meetings that lasted nine hours, indicated a likely smoother ride ahead for the central bank and the government under new RBI Governor Shaktikanta Das.

"The board deliberated on the governance framework of the Reserve Bank and it was decided that the matter required further examination," the RBI said in a statement.

The governance agenda included re-constituting or reviewing the sub-committees of the board which make regulatory decisions, in a bid to curb the RBI's unilateral decision-making powers. Currently, the RBI decides the regulatory and operational issues of banks and the board is informed later.

Das' bureaucratic links are expected to mend a rift between the government and the central bank that had widened sharply under his predecessor Urjit Patel, but the pressure to have greater control over the RBI's regulatory power through the board is likely to continue.

OTHER ISSUES

The board also reviewed global and domestic challenges, liquidity and credit delivery and currency management, the RBI said in the release without giving further details.

There were some expectations that the RBI might come up with measures to ease liquidity further following the government's demands.

Prime Minister Narendra Modi's government is keen to boost the economy ahead of general elections that must be held by May. Modi's ruling Hindu nationalist Bharatiya Janata Party's need for support from the RBI has become more imperative after the government lost all five crucial states and relinquished power in three of them this week.

Defending the government's demands, Finance Minister Arun Jaitley told ET Now on Thursday there was a need to boost credit and liquidity, and bringing up these issues with the central bank did not mean it was infringing upon the RBI's autonomy.

"RBI and government's difference has to be respected," Jaitley told ET Now on Thursday.

The government has been persistent with its demands for more liquidity, relaxation of lending curbs to help indebted state banks and a greater share of the RBI's excess capital reserves.

The continuous pressure deepened the rift between the RBI and government, which eventually led to Patel's shocking resignation earlier this week.

However, Das, who has been a bureaucrat for nearly four decades, is deft at building consensus and has promised to be more consultative, in contrast to Patel's taciturn nature and his unwillingness to engage often with stakeholders.

The board of the Reserve Bank of India said on Friday it had deliberated on the governance framework of the central bank and decided the matter requires "further examination".

The board of the Reserve Bank of India said on Friday it had deliberated on the governance framework of the central bank and decided the matter requires "further examination". The governance issue was a key part of the board meeting's agenda as the government wanted to have a greater say in the crucial regulatory decisions of the central bank through its board nominees. The meeting, which wrapped up in less than four hours on Friday compared with the previous two meetings that lasted nine hours, indicated a likely smoother ride ahead for the central bank and the government under new RBI Governor Shaktikanta Das. "The board deliberated on the governance framework of the Reserve Bank and it was decided that the matter required further examination," the RBI said in a statement. The governance agenda included re-constituting or reviewing the sub-committees of the board which make regulatory decisions, in a bid to curb the RBI's unilateral decision-making powers. Currently, the RBI decides the regulatory and operational issues of banks and the board is informed later. Das' bureaucratic links are expected to mend a rift between the government and the central bank that had widened sharply under his predecessor Urjit Patel, but the pressure to have greater control over the RBI's regulatory power through the board is likely to continue. OTHER ISSUES The board also reviewed global and domestic challenges, liquidity and credit delivery and currency management, the RBI said in the release without giving further details. There were some expectations that the RBI might come up with measures to ease liquidity further following the government's demands. Prime Minister Narendra Modi's government is keen to boost the economy ahead of general elections that must be held by May. Modi's ruling Hindu nationalist Bharatiya Janata Party's need for support from the RBI has become more imperative after the government lost all five crucial states and relinquished power in three of them this week. Defending the government's demands, Finance Minister Arun Jaitley told ET Now on Thursday there was a need to boost credit and liquidity, and bringing up these issues with the central bank did not mean it was infringing upon the RBI's autonomy. "RBI and government's difference has to be respected," Jaitley told ET Now on Thursday. The government has been persistent with its demands for more liquidity, relaxation of lending curbs to help indebted state banks and a greater share of the RBI's excess capital reserves. The continuous pressure deepened the rift between the RBI and government, which eventually led to Patel's shocking resignation earlier this week. However, Das, who has been a bureaucrat for nearly four decades, is deft at building consensus and has promised to be more consultative, in contrast to Patel's taciturn nature and his unwillingness to engage often with stakeholders.

RBI board seeks more discussion on governance under new boss

The central board of the Reserve Bank of India (RBI) under new Governor Shaktikanta Das will meet on Friday where the directors are likely to push for a greater say in the decision making of the central bank.

The meeting will review the progress with respect to some of the decisions taken in the last meet on November 19. Among other things, the crucial board meeting is expected to take a stock of Micro, Small &amp; Medium Enterprises (MSMEs), which is under stress due to demonetisation and implementation of the Goods and Services Tax (GST).

This scheduled meeting comes in the backdrop of surprise resignation by Urjit Patel earlier this week citing personal reasons. However, the tussle between the Finance Ministry and RBI was attributed as a reason for the sudden exit of Patel, who would have completed his 3-year term in September 2019.

According to sources, one of the key agenda for the upcoming board meeting will be governance issue -- the role of the central board in the decision making of the RBI.

Given the current structure, the central board plays an advisery role but there is growing clamour to make it operational and have greater participation in key decisions of the central bank.

The government as one of the important stakeholders also wants greater involvement in the RBI's decision making as it feels the current practice leaves it out on many critical issues like single-day default turning a loan into an NPA, sources said.

However, former governors and other experts have pitched for the independence and autonomy of the RBI and want the board to play advisery role with given composition.

The central board of the RBI is headed by the governor and includes two government nominee directors and 11 independent directors. Currently, the central board has 18 members, with the provision of going up to 21.

Soon after taking reins of the RBI, Das said, he will try to uphold the autonomy, credibility and the integrity of the "great institution" and take every stakeholder, including the government, along in a consultative manner.

The former Economic Affairs Secretary, who took over as the 25th Governor Wednesday said, he will take measures which the economy requires in a timely manner.

On the second day, he held consultation with heads of the Mumbai-based public sector bankers to discuss issues faced by them.

It is expected that relaxation of the Prompt Corrective Action (PCA) framework for weak banks would also come up for the discussion under the new the governor.

Of the 21 state-owned banks, 11 are under the PCA framework. These are Allahabad Bank, United Bank of India, Corporation Bank, IDBI Bank, UCO Bank, Bank of India, Central Bank of India, Indian Overseas Bank, Oriental Bank of Commerce, Dena Bank and Bank of Maharashtra.

The PCA framework kicks in when banks breach any of the three key regulatory trigger points -- namely capital to risk-weighted assets ratio, net non-performing assets (NPA) and return on assets (RoA).

With regard to economic capital framework, the new governor said as decided in the board meeting an expert committee in consultation with the government will be constituted soon to examine the issue.&nbsp;

The central board of the Reserve Bank of India (RBI) under new Governor Shaktikanta Das will meet on Friday where the directors are likely to push for a greater say in the decision making of the central bank.

The central board of the Reserve Bank of India (RBI) under new Governor Shaktikanta Das will meet on Friday where the directors are likely to push for a greater say in the decision making of the central bank. The meeting will review the progress with respect to some of the decisions taken in the last meet on November 19. Among other things, the crucial board meeting is expected to take a stock of Micro, Small & Medium Enterprises (MSMEs), which is under stress due to demonetisation and implementation of the Goods and Services Tax (GST). This scheduled meeting comes in the backdrop of surprise resignation by Urjit Patel earlier this week citing personal reasons. However, the tussle between the Finance Ministry and RBI was attributed as a reason for the sudden exit of Patel, who would have completed his 3-year term in September 2019. According to sources, one of the key agenda for the upcoming board meeting will be governance issue -- the role of the central board in the decision making of the RBI. Given the current structure, the central board plays an advisery role but there is growing clamour to make it operational and have greater participation in key decisions of the central bank. The government as one of the important stakeholders also wants greater involvement in the RBI's decision making as it feels the current practice leaves it out on many critical issues like single-day default turning a loan into an NPA, sources said. However, former governors and other experts have pitched for the independence and autonomy of the RBI and want the board to play advisery role with given composition. The central board of the RBI is headed by the governor and includes two government nominee directors and 11 independent directors. Currently, the central board has 18 members, with the provision of going up to 21. Soon after taking reins of the RBI, Das said, he will try to uphold the autonomy, credibility and the integrity of the "great institution" and take every stakeholder, including the government, along in a consultative manner. The former Economic Affairs Secretary, who took over as the 25th Governor Wednesday said, he will take measures which the economy requires in a timely manner. On the second day, he held consultation with heads of the Mumbai-based public sector bankers to discuss issues faced by them. It is expected that relaxation of the Prompt Corrective Action (PCA) framework for weak banks would also come up for the discussion under the new the governor. Of the 21 state-owned banks, 11 are under the PCA framework. These are Allahabad Bank, United Bank of India, Corporation Bank, IDBI Bank, UCO Bank, Bank of India, Central Bank of India, Indian Overseas Bank, Oriental Bank of Commerce, Dena Bank and Bank of Maharashtra. The PCA framework kicks in when banks breach any of the three key regulatory trigger points -- namely capital to risk-weighted assets ratio, net non-performing assets (NPA) and return on assets (RoA). With regard to economic capital framework, the new governor said as decided in the board meeting an expert committee in consultation with the government will be constituted soon to examine the issue.

New RBI Governor Das to steer first central board meet Friday

Social media question Shaktikanta Das, new RBI Governor qualification

Former Economic Affairs Secretary Shaktikanta Das Wednesday assumed charge as the RBI Governor.

He replaces Urjit Patel who abruptly resigned amid a face-off with the government over issues related to governance and autonomy of the central bank.

"Assumed charge as Governor, Reserve Bank of India. Thank you each and everyone for your good wishes," Das said in a tweet.

Finance Minister Arun Jaitley termed Das as a person with "right credentials" for the RBI top job.

"Das has been a very senior and an experienced civil servant. He has almost his entire career in the management of finances and economic management of the country both, when he was in the state government of Tamil Nadu and also when he was in the Government of India in the Ministry of Finance," Jaitley said.

Das, who becomes 25th governor of the RBI, is a former IAS officer of Tamil Nadu cadre.

Jaitley said his appointment was necessitated by the resignation of Urjit Patel as Governor of the RBI on Monday.

"I think, he (Das) has the right credentials. He has been extremely professional, has worked under various governments and has excelled himself. I am sure, in meeting the challenges before India's economy as Governor of Reserve Bank, he will certainly act," the finance minister said.&nbsp;

Former Economic Affairs Secretary Shaktikanta Das Wednesday assumed charge as the RBI Governor. He replaces Urjit Patel who abruptly resigned amid a face-off with the government over issues related to governance and autonomy of the central bank.

Former Economic Affairs Secretary Shaktikanta Das Wednesday assumed charge as the RBI Governor. He replaces Urjit Patel who abruptly resigned amid a face-off with the government over issues related to governance and autonomy of the central bank. "Assumed charge as Governor, Reserve Bank of India. Thank you each and everyone for your good wishes," Das said in a tweet. Finance Minister Arun Jaitley termed Das as a person with "right credentials" for the RBI top job. "Das has been a very senior and an experienced civil servant. He has almost his entire career in the management of finances and economic management of the country both, when he was in the state government of Tamil Nadu and also when he was in the Government of India in the Ministry of Finance," Jaitley said. Das, who becomes 25th governor of the RBI, is a former IAS officer of Tamil Nadu cadre. Jaitley said his appointment was necessitated by the resignation of Urjit Patel as Governor of the RBI on Monday. "I think, he (Das) has the right credentials. He has been extremely professional, has worked under various governments and has excelled himself. I am sure, in meeting the challenges before India's economy as Governor of Reserve Bank, he will certainly act," the finance minister said.

Shaktikanta Das assumes charge as 25th RBI governor

New RBI Governor Shaktikanta Das said Wednesday that he would protect the autonomy of the country's central bank.&nbsp;

Das was appointed RBI &nbsp;governor on Tuesday after <a href="http://www.wionews.com/india-news/rbi-governor-urjit-patel-resigns-cites-personal-reasons-182915">former governor Urjit Patel's sudden resignation on Monday</a>. Patel and the government had been tussling for months over the issue of the bank's independence.&nbsp;

The main points of contention between them had been the bank's surplus cash reserves. The government was of the opinion that more of them should be handed over to the government.&nbsp;

The government was also keen that the central bank free up credit — by loosening its curbs on the non-banking financial sector — for small and medium enterprises.&nbsp;

"I will try and uphold professionalism, core values, credibility and autonomy of this institution. It’s an honour and great opportunity to serve RBI. I will try my best to work with everyone and work in the interest of Indian economy," Das said on Wednesday.&nbsp;

"I have convened a meeting with CEOs and MDs of public sector banks tomorrow morning. Banking is an important segment in our economy and it’s facing several challenges that need to be dealt with. It's the banking sector on which I’d like to focus immediately," he added.&nbsp;

Das was on Wednesday asked, he made his comments at a press conference, about the strife between his predecessor and the government.&nbsp;

"I don't know if the relationship is good or not but we have to have stakeholders'&nbsp;consultation," Das answered.

"Government is not just a stakeholder but also runs the country, economy and manages major policy decisions. So there has to be discussion between government and RBI," he added.&nbsp;

Das is a former top&nbsp;bureaucrat. He retired from the government as Secretary of the Economic Affairs Department. He has also been a secretary of the Revenue Department.&nbsp;

Das was also <a href="http://www.wionews.com/india-news/new-rbi-governor-shaktikanta-dass-journey-from-north-block-to-mint-street-183339">the Modi government's point man during demonetisation</a>, briefing the media on changes in rules — there had been several&nbsp;— after the government junked the old 500 and 1,000-rupee notes.&nbsp;

One of his ideas had been to mark people's fingers with indelible ink — like is done during elections — after they had withdrawn cash from their bank accounts, so as to stop them from withdrawing more cash than the allowed limit.&nbsp;

The move was withdrawn after widespread outrage.&nbsp;&nbsp;

Das has MA in history from Delhi's St Stephen's College.&nbsp;

New RBI Governor Shaktikanta Das said Wednesday that he would protect the autonomy of the country's central bank. Das was appointed RBI governor on Tuesday after former governor Urjit Patel's sudden resignation on Monday.

New RBI Governor Shaktikanta Das said Wednesday that he would protect the autonomy of the country's central bank. Das was appointed RBI governor on Tuesday after former governor Urjit Patel's sudden resignation on Monday. Patel and the government had been tussling for months over the issue of the bank's independence. The main points of contention between them had been the bank's surplus cash reserves. The government was of the opinion that more of them should be handed over to the government. The government was also keen that the central bank free up credit — by loosening its curbs on the non-banking financial sector — for small and medium enterprises. "I will try and uphold professionalism, core values, credibility and autonomy of this institution. It’s an honour and great opportunity to serve RBI. I will try my best to work with everyone and work in the interest of Indian economy," Das said on Wednesday. "I have convened a meeting with CEOs and MDs of public sector banks tomorrow morning. Banking is an important segment in our economy and it’s facing several challenges that need to be dealt with. It's the banking sector on which I’d like to focus immediately," he added. Das was on Wednesday asked, he made his comments at a press conference, about the strife between his predecessor and the government. "I don't know if the relationship is good or not but we have to have stakeholders' consultation," Das answered. "Government is not just a stakeholder but also runs the country, economy and manages major policy decisions. So there has to be discussion between government and RBI," he added. Das is a former top bureaucrat. He retired from the government as Secretary of the Economic Affairs Department. He has also been a secretary of the Revenue Department. Das was also the Modi government's point man during demonetisation, briefing the media on changes in rules — there had been several — after the government junked the old 500 and 1,000-rupee notes. One of his ideas had been to mark people's fingers with indelible ink — like is done during elections — after they had withdrawn cash from their bank accounts, so as to stop them from withdrawing more cash than the allowed limit. The move was withdrawn after widespread outrage. Das has MA in history from Delhi's St Stephen's College.

Will protect RBI's autonomy: New Governor Shaktikanta Das

Social media users question RBI governor Shaktikanta Das's qualification

<a href="http://www.wionews.com/india-news/will-uphold-autonomy-of-rbi-new-governor-shaktikanta-das-183476">Will protect RBI's autonomy: New Governor Shaktikanta Das</a>

New RBI Governor Shaktikanta Das said Wednesday that he would protect the autonomy of the country's central bank. Das was appointed RBI governor on Tuesday after former governor Urjit Patel's sudden resignation on Monday. Patel and the government had been tussling for months over the issue of the bank's independence.

<a href="http://www.wionews.com/india-news/all-eyes-now-on-whom-rahul-gandhi-will-choose-as-his-chief-ministers-183485">All eyes now on whom Rahul Gandhi will choose as his chief ministers​​​​​​​</a>

The Congress was poised on Wednesday to form governments in Rajasthan, Madhya Pradesh and Chattisgarh, signalling a newfound energy in the party ranks and energising opposition efforts to stop the BJP juggernaut before general elections next year.&nbsp;​​​​​​​

<a href="http://www.wionews.com/india-news/all-eyes-now-on-whom-rahul-gandhi-will-choose-as-his-chief-ministers-183485">UK PM May says will fight no-confidence motion, her ouster will delay Brexit</a>

The British prime minister said on Wednesday that she would fight a motion of no confidence lodged by a right-wing faction of her own Conservative Party and warned that a change in leadership now would only serve to delay the United Kingdom's withdrawal from the European Union.​​​​​​​

<a href="http://www.wionews.com/world/sundar-pichai-explains-why-google-results-for-idiot-shows-trump-183473">Google 'idiot' and image of Trump shows up. Sundar Pichai explains why​​​​​​​</a>

In a public address to a group of mostly tech novices, Google CEO Sundar Pichai on Tuesday explained the company's algorithm that works behind curating data for its search results.​​​​​​​

<a href="http://www.wionews.com/world/sundar-pichai-explains-why-google-results-for-idiot-shows-trump-183473">NRC coordinator tells SC semi-literate people cannot fill out objection forms</a>

Supreme Court on Wednesday extended the deadline for filing claims and objections on the inclusion of names in the draft National Register of Citizen (NRC) from December 15 to December 31, 2018.​​​​​​​ 
&nbsp;

Will protect RBI's autonomy: New Governor Shaktikanta Das New RBI Governor Shaktikanta Das said Wednesday that he would protect the autonomy of the country's central bank.

Will protect RBI's autonomy: New Governor Shaktikanta Das New RBI Governor Shaktikanta Das said Wednesday that he would protect the autonomy of the country's central bank. Das was appointed RBI governor on Tuesday after former governor Urjit Patel's sudden resignation on Monday. Patel and the government had been tussling for months over the issue of the bank's independence. All eyes now on whom Rahul Gandhi will choose as his chief ministers The Congress was poised on Wednesday to form governments in Rajasthan, Madhya Pradesh and Chattisgarh, signalling a newfound energy in the party ranks and energising opposition efforts to stop the BJP juggernaut before general elections next year. UK PM May says will fight no-confidence motion, her ouster will delay Brexit The British prime minister said on Wednesday that she would fight a motion of no confidence lodged by a right-wing faction of her own Conservative Party and warned that a change in leadership now would only serve to delay the United Kingdom's withdrawal from the European Union. Google 'idiot' and image of Trump shows up. Sundar Pichai explains why In a public address to a group of mostly tech novices, Google CEO Sundar Pichai on Tuesday explained the company's algorithm that works behind curating data for its search results. NRC coordinator tells SC semi-literate people cannot fill out objection forms Supreme Court on Wednesday extended the deadline for filing claims and objections on the inclusion of names in the draft National Register of Citizen (NRC) from December 15 to December 31, 2018.

News brief: Big stories of the day

'Will work in best interest of economy': RBI governor Shaktikanta Das

BJP lawmaker Subramanian Swamy here on Wednesday said that the appointment of Shaktikanta Das as the new Governor of the Reserve Bank of India (RBI) is wrong.&nbsp;

Swamy alleged that Das was involved in corrupt activities with former Finance Minister and Congress leader P Chidambaram and even tried to save him in the court cases.&nbsp;

"I don`t know why this was done. I have written a letter to Prime Minister Narendra Modi against this decision," Swamy said.

Shaktikanta Das, a member of the 15th Finance Commission and former Economic Affairs Secretary, was on Tuesday appointed as RBI Governor, a day after Urjit Patel quit abruptly. Das retired as Economic Affairs secretary last year and was subsequently made a member of the 15th Finance Commission.&nbsp;

 
&nbsp;

BJP lawmaker Subramanian Swamy here on Wednesday said that the appointment of Shaktikanta Das as the new Governor of the Reserve Bank of India (RBI) is wrong. Swamy alleged that Das was involved in corrupt activities with former Finance Minister and Congress leader P Chidambaram and even tried to save him in the court cases.

BJP lawmaker Subramanian Swamy here on Wednesday said that the appointment of Shaktikanta Das as the new Governor of the Reserve Bank of India (RBI) is wrong. Swamy alleged that Das was involved in corrupt activities with former Finance Minister and Congress leader P Chidambaram and even tried to save him in the court cases. "I don`t know why this was done. I have written a letter to Prime Minister Narendra Modi against this decision," Swamy said. Shaktikanta Das, a member of the 15th Finance Commission and former Economic Affairs Secretary, was on Tuesday appointed as RBI Governor, a day after Urjit Patel quit abruptly. Das retired as Economic Affairs secretary last year and was subsequently made a member of the 15th Finance Commission.

Appointment of Shaktikanta Das as RBI Governor is wrong: Subramanian Swamy

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;

<div class="ui-state-default" contenteditable="false">
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<blockquote class="twitter-tweet" data-lang="en">
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>
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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>
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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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