Shaktikanta Das praises RBI-Finance Ministry coordination in farewell address
In his farewell address, outgoing Reserve Bank of India (RBI) Governor Shaktikanta Das praised the strong coordination and cooperation between the RBI and the Finance Ministry over the last six years. He highlighted that while the perspectives of the central bank and the Finance Ministry might differ at times, these differences were resolved effectively during his tenure.
Das emphasized the importance of maintaining a balance between inflation and economic growth, a critical task for the Reserve Bank. He noted that governors must consider the broader needs of the economy when making decisions, and that ultimately, it is a judgment call each time.
During his tenure, Das launched several innovative products, particularly in digital payments, such as the Unified Payments Interface (UPI), which has become a global leader in payment systems. He also expressed his interest in the upcoming pan-India rollout of the Unified Lending Interface (ULI), a digital platform aimed at streamlining the loan approval process and improving credit access for borrowers.
Das also highlighted the significant improvements in the RBI’s supervisory methods, which are now sharper and more focused. He mentioned that cyber security had been a priority and would remain an ongoing challenge for central banks worldwide.
On his final day, Das expressed his gratitude to the Prime Minister, Finance Minister, and stakeholders in the financial sector for their support. He shared his farewell message on social media, writing, “Will demit office as Governor RBI later today. Thank you, everyone, for your support and good wishes.”
The government appointed Sanjay Malhotra, a senior bureaucrat, as the new RBI Governor. Malhotra, an Indian Administrative Service officer from the Rajasthan cadre, took charge on Tuesday. Prior to this, he served as the Revenue Secretary in the Ministry of Finance.
