Ex RBI Governor Shaktikanta Das Pads Up For Another Key Inning

As per the orders issued on Saturday, Das’s appointment will be “co-terminus with the term of the Prime Minister or until further orders, whichever is earlier.”

The appointment is particularly significant as this post has been carved out for the first time. 

Unsurprisingly, within minutes, the news of the appointment took the Internet and social media by storm.

The Department of Personnel & Training (DoPT) in its order noted Das would be serving along with PK Mishra, who will be Principal Secretary to Prime Minister-1. 

Mishra replaced Nripendra Mishra, a retired IAS officer of 1969 batch from Uttar Pradesh cadre on September 11, 2019.

The DoPT in its order said, “The Appointments Committee of the Cabinet has approved the appointment of Shri Shaktikanta Das, IAS (Retired) (TN:80) as Principal Secretary – 2 to Prime Minister with effect from the date he assumes office. His appointment will be co-terminus with the term of the Prime Minister or until further orders, whichever is earlier.”   

Das And His Multiple Hats

The 68-year-old Das, who was appointed governor in December 2018, steered the central bank till December last year.

As the 25th RBI governor, Das is credited with managing the economy through several crises including the Covid 19 pandemic and the Russia-Ukraine war. He has also been instrumental in bringing in the digital revolution in the payments area. Besides, Das carefully managed the economy through the demonetisation of phase in 2016-17.

A 1980-batch IAS officer Das, a seasoned bureaucrat, has held several key positions at the Centre as well as the Tamil Nadu government. He served as Economic Affairs Secretary before he joined the RBI.

Interestingly, Das’ appointment as RBI governor came as a surprise to many. Das, who holds a Master’s Degree in History from St Stephen’s College was once considered an outsider.

“We all know how many had questioned the move and did not hesitate in dismissing him. He stood out as a governor, managed the economy well and ensured that the ethos of RBI was retained,” a former colleague of Das who did not wish to be named told The Secretariat.

Last year, Das came down heavily on NBFCs including s One 97 Communications—the parent company of Paytm. He asked the NBFCs to focus on adhering to the regulatory processes. Famously at a function, he said that even a person driving a Ferrari needs to follow traffic rules. 

Das was named the central banker of the year two times in a row by US based US-based Global Finance magazine, an achievement in itself.

“Shakti was my junior in College, but I too had wondered whether an MA in History could take on such onerous financial and economic responsibilities," Congress leader Shashi Tharoor had written on X after Das’ term at RBI ended.

"I am delighted that he proved more than equal to the task. He leaves behind an outstanding record of service to the nation. All the best in whatever you next undertake, Shakti!"he further wrote.   

Most pundits said that Das did not get an extension as RBI governor due to his unwillingness to reduce key policy rates despite slowdown in economic growth.

However, insiders maintained that Das enjoys the trust of Prime Minister Narendra Modi.

“He is a man, who is extremely dependable and trustworthy and is almost seen as one who could solve any problem,” Das’ former colleague said.