RBI chief Shaktikanta Das honoured with ‘Governor of the Year’ award at Central Banking Awards 2023, London

The chief of the Reserve Bank of India, Shaktikanta Das was honoured with the title of ‘Governor of the Year’ for 2023 by Central Banking in London. Central Banking is an international economic research journal. The award recognised his role as the RBI chief in managing inflation and skilfully handling India's banking system during crises like COVID pandemic and global turmoils.

Also Read: RBI not to regulate social media influencers; governor Shaktikanta Das explains why

The RBI governor is behind critical reforms, and has ensured smooth management of world-leading payments innovation and led India through difficult times, said the organisers.

"The RBI governor has cemented critical reforms, overseen world-leading payments innovation and steered India through difficult times with a steady hand and well-crafted turn of phrase," the organisers said in a statement.

Also Read: Shaktikanta Das: Disinflation process likely to be slow, but economy remains among fastest growing in 2023

He was recommended for the award by the publication in March 2023. He was awarded the title for his leadership of the central bank during global turmoil and tough situations. He managed India's central bank, and ultimately the whole banking system with finesse during COVID-19 pandemic, significant non-banking companies, Russia-Ukraine war, etc.

Shaktikanta Das steered India through COVID Pandemic and IL&FS crisis

Shaktikanta Das held the position in December, 2018. Months before his appointment, India's major Non Banking Financial Company (NBFC) went bankrupt, triggering a liquidity crunch. The NBFC fallout also revealed huge deficiencies in the business models of several mid-sized banks who were heavily dependent on NBFCs. Afterwards, several other banks like Punjab and Maharashtra Co-operative Bank, also collapsed.

Also Read: Banks can now issue RuPay pre-paid forex cards: RBI Governor

Moreover, he is the second Central Bank governor to be honoured with the award after Raghuram Rajan, who bagged the title in 2015.

Under his leadership, RBI was instrumental in implementing crucial reforms, innovative payment systems, and growth-oriented measures during the pandemic.

Under his leadership, India's central bank was able to maintain the balance between the need to curb inflation and manage political pressure.