RBI Governor Shaktikanta Das expresses gratitude in emotional post as he demits office today

Outgoing Reserve Bank of India (RBI) Governor Shaktikanta Das in a heartfelt social media post expressed his gratitude to the government, stakeholders, and his colleagues for their support and contributions during his time in office.

In a social media post shared on Tuesday (December 10, 2024), Mr. Das thanked Prime Minister Narendra Modi for entrusting him with the role of RBI Governor and providing guidance and encouragement throughout his term. "Immensely grateful to the Hon'ble PM @narendramodi for giving me this opportunity to serve the country as Governor RBI and for his guidance and encouragement. Benefited a lot from his ideas and thoughts," Mr. Das wrote.

He also extended his gratitude to Finance Minister Nirmala Sitharaman, highlighting the robust fiscal-monetary coordination during his tenure. "Heartfelt thanks to Hon'ble FM @nsitharaman for her constant support and backing. The fiscal-monetary coordination was at its best and helped us to deal with the multiple challenges during the last six years," he said.

Mr. Das acknowledged the inputs and suggestions received from stakeholders across various sectors, including the financial, agriculture, cooperative, and service industries.He expressed appreciation for experts, economists, and industry bodies for their valuable contributions to policymaking. He said the fiscal-monetary coordination was at its best during the last six years.

In his message, Mr. Das also praised the RBI team for their collective efforts in navigating a challenging global economic environment marked by unprecedented shocks. "A BIG thank you to the entire Team RBI. Together, we successfully navigated an exceptionally difficult period of unprecedented global shocks. May the RBI grow even taller as an institution of trust and credibility," he added.

As Mr. Das bids farewell, his tenure is remembered for its role in steering the Indian economy through turbulent times, including the COVID-19 pandemic and global economic uncertainties. The government has appointed Sanjay Malhotra, currently serving as the revenue secretary at the Ministry of Finance as the new Governor of Reserve Bank of India.

Mr. Das was appointed the 25th RBI Governor in December 2018, after the sudden resignation of Urjit Patel amid a tussle between RBI and the government over the issue of surplus transfer and autonomy of the regulator.

Soon after taking over, he not only settled the storm amicably related to surplus transfer but assuaged the concerns of the markets. Not once since he took over did the issue of the RBI autonomy hit the headlines.

During his stint, RBI provided record dividends to the government. Earlier this year, the central bank handed over the highest-ever dividend of ₹2.11 lakh crore.

He also deftly steered India’s monetary policy response during the challenging period of COVID-19 pandemic.

In his previous avatar, Mr. Das as Economic Affairs Secretary and Revenue Secretary was the key man behind the planning and execution of the demonetisation drive and rollout of the landmark Goods and Services Tax (GST).

This appointment is effective December 11, 2024, and will continue for three years, as per an official notification from the Department of Personnel and Training released on Monday (December 9, 2024).