February 24, 2020, 22:01

India Chooses the Man Who Led Demonetization as Next Central Bank Governor

India Chooses the Man Who Led Demonetization as Next Central Bank Governor

Shaktikanta Das, a former finance ministry official, will take charge as the next governor of the Indian Reserve Bank for the next three years.

New Delhi (Sputnik): Indian Government has chosen Shaktikanta Das, the man who implemented the much-debated demonetization process in 2016, as next governor of the Reserve Bank of India for the next three years.

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The notification issued on Tuesday evening said that Das, former secretary of economic affairs is appointed as next governor. Das was appointed after the previous governor, Urjit Patel had stepped down from the governorship on Monday following a long-standing feud with the government. 

Das is taking charge of the governor’s post at a time when the government is under pressure to liquidate non-banking financial companies and need to maintain its fiscal deficit target.

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Das, who currently also represents India at the G-20 in a role of a Sherpa, shot into the public spotlight in November 2016 when Modi government put full faith in him and made him the bureaucratic face of demonetization during the currency ban of the large denomination to curb black money transactions.



Source: sputniknews.com

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