At the Central Banking Awards 2023 in London, RBI Governor Shaktikanta Das was named “Governor of the Year”

Shaktikanta Das, governor of the Reserve Bank of India, received the accolade of being named “Governor of the Year” for 2023 by Central Banking in London. Shaktikanta Das “cemented critical reforms, oversaw world-leading payments innovation, and steered India through difficult times with a steady hand and well-crafted turn of phrase,” according to the awards’ organizers. Following the announcement of the prize on Wednesday, congratulations came from all directions.

According to the organizers, the governor of the RBI is responsible for important changes, has overseen the efficient administration of world-class payments innovation, and has guided India through trying times.

The organizers of the event noted in a statement that “the RBI governor has solidified important reforms, oversaw global payments innovation, and steered India through trying times with a steady hand and well-crafted turn of phrase.”

The magazine proposed him for the honor in March 2023. He received the title in recognition of his leadership of the central bank through times of unrest and difficulty across the world. He skillfully handled the COVID-19 epidemic, important non-banking firms, the Russia-Ukraine conflict, etc. while managing India’s central bank and eventually the whole banking sector.

In December 2018, Shaktikanta Das held the role. A cash constraint was brought on by India’s largest Non-Banking Financial Company (NBFC) filing for bankruptcy months before his appointment. The repercussions from NBFCs also exposed serious flaws in the business plans of some mid-sized banks, which depended significantly on NBFCs. Following their demise, a number of other banks, including Punjab and Maharashtra Co-operative Bank, also failed.

He is also the second governor of the Central Bank to get the honor following Raghuram Rajan, who received it in 2015.

Under his direction, the RBI played a key role in putting into place important reforms, cutting-edge payment systems, and growth-oriented policies during the epidemic.

Under his direction, India’s central bank was able to reconcile managing political pressure with the need to control inflation.