by There is great news- for the second time in a row, our country’s RBI Governor has received the Top Banker Award globally and this is no small matter. There are so many central banks in the world and to be number one in it for the second time in a row is no small matter. Whenever we talk about the economy of any country, there are two major policies to run and maintain it.
Thank you for reading this post, don't forget to subscribe!
One is fiscal policy which is taken care of by the government and the government focuses on it and the second is monetary policy and the responsibility of running the monetary policy is of the central bank in our country, RBI.
You can see this news that RBI Governor Shaktikanta Das is ranked top central bank globally for the second consecutive year and that is why the Prime Minister also praised this thing and said congratulations to RBI Governor for this feat and that for the second time this is a recognition for his leadership at the RBI and his work towards ensuring economic growth and stability and for this, the Governor of the Reserve Bank of India has received A plus rating which is the top.
There is a ranking, there is a top rating. This has been given for the second consecutive time by the US based Global Finance Magazine. We will also know about it and let me tell you that last year the RBI governor also received the Governor of the Year award because in the last few years he has made a big contribution to the country’s economy, has handled the monetary policy very well.
RBI Governor Shaktikanta Das Ranked in Top 3 !
You can see this again, Shaktikanta Das, who has been ranked in the top three and rated A plus, you will get to see it in the list of bankers of Global Central Banks and this report card is named Global Finance Central Banker Report Cards 2024 and if you see here, there are a total of three governors, actually their central bank chiefs, one from Denmark, one from Switzerland and Shaktikanta Das of our India, who have got a plus rating and the rest of the seven have been given A rating here, you can also see Brazil, Chile, Mauritius, Morocco and other countries.
Let me tell you that this central banker report card is very important from your exam point of view.
It is important who releases it. Look, it is released every year by Global Finance and let me tell you that this card report is issued every year since 1994 and basically the governors of the establishment of Global Finance get a rating and they are told how their performance has been and the grade here is the top grade is a plus, which means if a governor is getting A+, it means his performance is excellent and if someone is getting F, it means A+, A,B, S, D and in this way if someone is getting F, it means that the governor has committed a complete failure, which means he has not performed well at all.
The success areas are measured on the basis of which this grade is given. Inflation control, economic growth goals, currency stability, interest rate management, all these things are looked at and then the rating is given to the governors.
So you have to understand, that is why I am saying it again and again that the RBI governors of our country have handled things very well and when we talk about central banks, they have an important role because the central bank takes care of the monetary policy of our country, regulates it, controls inflation in the country, what will be the interest rate, you must have seen, every two months the monetary policy committee report comes, on the basis of which it is seen whether our repo rate will be 6.5 or it will be reduced.
For the last some time, it has been kept at 6.5, then apart from this, the central bank also insures the stability of the financial system of our country. Apart from this, when we talk about central banks, you all must have read about lenders. Of the last resort.
If there is a commercial bank in our country, if its condition has worsened, then ultimately the lender of the last resort is called the Central Bank. You all will remember what happened with this bank. It was the year 2020 when Covid was going on here and at the same time the news came that Joy Bank is on the verge of sinking.
If you look at today’s date, to a large extent, this bank has been handled and behind that, you can say the strategy of RBI has made a huge contribution.
The Central Bank plays a very important role in the economic performance of the country. As far as Shaktikanta Das’s career is concerned.
Shaktikanta Das has been an IAS officer, a 1980 batch IAS officer from Tamil Nadu cadre and let me tell you that he was born in Bhubaneswar, Odisha, but got the cadre of Tamil Nadu.
Shaktikanta Das very successfully implemented the Special Economic Zone policy, the industrial policy and it is said that a lot of pressure was put on him.
There was political pressure to give the government land to the private IT companies here, but he refused to do so. He said that I cannot give this government land without a bidding process.
Apart from this, it is also said here that Shaktikanta Das has been a very cautious civil servant, but whenever there is a tough decision, he does not hesitate to take it. He takes all the necessary steps here.
For example, let me tell you, there was a big problem of investment in our country. There was a big hindrance in foreign investment because of the Foreign Investment Promotion Board.
He decided here that the Foreign Investment Promotion Board should be removed and finally it was removed.
Apart from this, before going to RBI, Shaktikanta Das has worked under three finance ministers, P Chitambram, Pranab Mukherjee, Arun Jaitley and it is also said that he is very flexible in his work, adopts things and also has a non-confrontational approach.
It means that finding a solution is important, rather than confronting someone or fighting with them, it is not like I will stick to this, finding a solution to things and this is very important and he has made a very important contribution in the 8th Union Budget that came in our country.
Along with this, you can see that before joining RBI, in 2008, he was sent to the Finance Ministry in which he played a very important role, most of all you must have heard about GST, so negotiating about the GST framework, along with this, you know that when GST was implemented in 2017, compensation had to be given to the states, so convincing the states for compensation for 5 years was also a very important thing, he did amendments, you will get to see all those things under the leadership of RB Shaktikanta Das.
Apart from this, it is also said here that Shaktikanta Das had negotiated with the government of Switzerland so that the information sharing of tax evaders could be done.
So that it can be done here. Along with this, you can see that there is another very big policy in our country, that is IBC’s Insolvency and Bankruptcy Code.
Shaktikanta Das was responsible for drafting it in that too. Before Shaktikanta Das, Urjit Patel was the RBI governor and he had brought the framework of MPC of monetary policy committee, but ultimately its implementation was done by Shaktikanta Das here. His tenure as RBI governor was also extended. He has also got an extension.
For the second time in a row, he has also been given the responsibility of handling the post of RBI. So what is the final conclusion?
He has got an award and has got an A+ rating. So, it was said by Central Banking that his tenure had started in December 2018, but the economic condition of India was going through a lot of problems at that time.
At that time, the NBFC crisis had come. The crisis of non-banking financial companies was being seen at that time, so it had to be saved to a great extent. Apart from this, how he turned things around in the first wave and second wave of the corona virus and tried to save the country from economic collapse to a great extent.
Then in 2022, the Russian invasion of Ukraine happened, due to which there was a great risk of inflation. So, RBI Governor Shaktikanta Das has been given the Top Banker Award for the second time due to the important role he has played in all these things.
