As Reserve Bank of India Governor Shaktikanta Das steps away from his post, there’s little doubt that his tenure has left a defining mark on India’s financial landscape. Those who lauded his measured leadership as well as those who criticized his moves agree on one thing: Das’s time at the helm will influence the nation’s economic future for years to come.
A history graduate from St. Stephen’s College, Das took charge as the RBI’s 25th Governor in December 2018. At that moment, India was still recovering from a series of economic shocks that had shaken its monetary and banking structures to their core. Over the next six years, Das brought a cool head and a steady hand to the table, winning respect for his crisis management skills and strategic thinking.
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Perhaps most visibly, he oversaw a dramatic surge in the country’s foreign exchange reserves, which climbed from $393 billion in 2018 to a robust $658 billion by 2024. That hefty reserve cushion shielded India from international market turmoil and gave policymakers the confidence to navigate economic storms without losing their footing.
One early test came from the fallout of the IL&FS crisis, which cast a long shadow over non-banking financial companies and threatened to spill into the wider banking sector. Das wasted no time in restoring investor trust and calming liquidity strains, effectively nipping a larger panic in the bud. This set a precedent: under Das, the RBI didn’t merely react—it anticipated and neutralized financial threats before they could do serious damage. This proactive stance would prove invaluable as the central bank faced down challenges as large and unexpected as the COVID-19 pandemic.
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During the pandemic’s darkest months, Das led the RBI through a series of timely measures: strategic interest rate cuts, targeted cash injections, and flexible regulations that helped businesses, borrowers, and lenders alike. Even as the world reeled from geopolitical tensions—first the Russia-Ukraine conflict and later the Israel-Hamas war—India’s economy remained resilient and steady.
On the home front, Das’s decision-making averted a few banking disasters. When Yes Bank seemed on the verge of collapse, the RBI stepped in quickly with a rescue blueprint to shield depositors and reassure the market. Lakshmi Vilas Bank’s troubles were similarly addressed with swift, decisive moves. Under Das’s stewardship, the banking system’s non-performing assets fell dramatically, from 10.38% in 2018 to just 2.59% in 2024—a sure sign that stricter oversight and improved governance were paying off.
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Beyond stabilizing troubled institutions, Das also guided the RBI through pivotal policy shifts. He helped smooth the withdrawal of the ₹2,000 note, easing the aftershocks of the earlier demonetization. At the same time, he championed digital payment platforms, turning UPI and similar technologies into everyday conveniences that have transformed the way Indians transact.
These achievements did not go unnoticed. Twice recognized as “Central Banker of the Year,” Das earned a global reputation for thoughtful policy and a humane touch. While some critics may have grumbled about tight communication windows or conservative rate decisions, his overall legacy is one of calm leadership, transparency, and adaptability.
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As Shaktikanta Das takes his leave, India finds itself better equipped to handle whatever lies ahead. A history student who made economic history, he closes this chapter with a legacy of resilience and steady progress that will echo long after he steps down.
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