When the Narendra Modi government, stumped by the sudden resignation of Urjit Patel, parachuted retired bureaucrat Shaktikanta Das to RBI in December 2018, many expected a great lull in the public acrimony that marred the days of his academically more illustrious predecessors Patel and Raghuram Rajan.
RBI Governor Shaktikanta Das was in the city to attend a central board meeting. He also met Chief Minister Naveen Patnaik in the state capital.
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Last year after a prolonged stand-off between the finance ministry and the RBI which was then headed by Urjit Patel, Jaitley had brought in Shaktikanta Das as the RBI Governor after Patel resigned before his term.
The Reserve Bank of India had raised quite a few eyebrows when it announced an unconventional 35 basis points rate cut during its bi-monthly policy meet earlier this month.
After the customary post-budget meeting with Finance Minister Nirmala Sitharaman, he said the system has sufficient liquidity and the Budget for 2019-20 has made provision for shadow banking (NBFC) sector.
Reserve Bank of India Governor Shaktikanta Das had, in the last Monetary Policy Committee (MPC) meeting, said that there is clear evidence of economic activity losing traction while giving the rationale for a rate cut.
In a lecture at the Lal Bahadur Shastri National Academy of Administration, Mussoorie, on the "evolving role of central banks", Das also said that financial stability is a major factor considered in the RBI's monetary policy.
Concerned over stress in the NBFC sector, RBI Governor Shaktikanta Das Saturday said there is a need to have a fresh look at the regulation as well as supervision, and the central bank will come out with guidelines on liquidity risk management framework shortly.
The International Monetary Fund (IMF) has cut its forecast for global growth from 3.6 per cent last year to 3.3 per cent in 2019.
Reserve Bank of India Monday said it will issue Rs 10 denomination banknotes bearing signature of Governor Shaktikanta Das.
In his speech titled 'Global Risks and Policy Challenges facing Emerging Market Economies', Das observed that the global financial crisis has exposed several limitations of conventional and unconventional monetary policy tools.
Observing that FinTech has the potential to reshape the financial services and financial inclusion landscape in India in fundamental ways, he said, it can reduce costs and improve access and quality of financial services.
Das further said that he will meet the representatives of Non-banking Financial Companies (NBFCs) on Tuesday in Mumbai.
In the report, Governor Das said that despite high costs, the recognition of NPAs has improved the operational risk assessment by state-run lenders.
Shaktikanta Das further said he will meet representatives of private sector banks and cooperative banks next week to discuss issues and concerns.
The board discussed a wide range of topics including the current economic situation, global and domestic challenges, matters relating to liquidity and credit delivery as well as issues related to currency management and financial literacy.
Asked whether Urjit Patel meekly accepted demonetisation, Chidambaram said, "He suffered a huge reputational slide by endorsing demonetisation."
Referring to Das's MA in History degree, Vyas said he is praying that the new RBI Governor doesn't make the central bank 'history' itself.
Das' appointment came at a time when the government and the RBI are engaged in a tussle over several issues including transfer of the central bank's reserves.
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