The Reserve Bank of India (RBI) Governor, Shaktikanta Das, has been awarded the Governor of the Year award for 2020. This is in recognition of his strong leadership and decisive actions in steering India’s economy through the unprecedented crisis caused by the global health pandemic.
The award was presented by the Global Financial Leadership Institute (GFLI) at its annual financial summit held in Miami, Florida. The award is in recognition of Mr. Das’s stellar performance in managing the Indian economy and mitigating the economic fallout of the pandemic.
Since taking office in December 2018, Mr. Das has been a trailblazer for financial reforms and stability. During the early days of the pandemic, he was at the forefront of the RBI’s efforts to support the Indian economy through a series of monetary and fiscal measures. His leadership was instrumental in the introduction of various relief packages for various sectors as well as schemes like the Targeted Long Term Repo Operations (TLTRO) to ensure the uninterrupted flow of credit to the affected sectors.
About Shaktikanta Das
In addition, he also played an important role in the implementation of the Central bank’s monetary policy which helped to reduce the impact of the pandemic on the Indian economy. The award citation praised Mr. Das for “his decisive response to the pandemic, his fiscal and monetary policy measures, and his commitment to maintain financial stability, while also seeking to protect the vulnerable sections of the population”.
In his acceptance speech, Mr. Das thanked the GFLI for the honour. He said, “I am humbled and deeply appreciative of this recognition. This award is a tribute to the hard work and dedication of the entire team at the Reserve Bank of India and the Government of India for their untiring efforts to maintain financial stability and economic growth during these tough times.” He went on to say, “The Indian economy was severely impacted by the pandemic, it is a matter of satisfaction that we have been able to successfully contain the adverse impact of the pandemic through timely, decisive and calibrated measures. This has not only saved jobs, but also prevented significant disruption in the financial sector.”
This award recognises the outstanding contributions of central bank governors towards advancing public and financial sector stability, promoting economic and financial development, and fostering international cooperation.
The award was presented to Governor Das on the occasion of the GFCB’s Annual Governors’ Meeting held in Basel, Switzerland from 11th to 13th October 2020. Governor Das was chosen for the award after an extensive review process and in consideration of his achievements over the past year in the face of the COVID-19 pandemic.
As Governor of the Reserve Bank of India, Governor Das has steered the country’s monetary policy in the face of an unprecedented global economic and financial crisis. He has been at the forefront of the RBI’s efforts to ensure the availability of sufficient liquidity and to support the country’s economy.
Under his leadership, the RBI has taken several proactive and timely steps to ensure financial and economic stability, including measures to provide relief to borrowers, such as the moratorium on loan repayments and the restructuring of loans, as well as the introduction of several liquidity and credit support measures. He has also worked tirelessly to ensure that the banking sector is well capitalised and resilient.
Governor Das’s exemplary leadership during this challenging period has been widely recognised and appreciated by the global community. He has consistently advocated for an open and cooperative approach to global policy making, and has played a key role in advancing international cooperation on monetary and financial stability.
The Governor of the Year award is a testament to Mr. Das’s exemplary leadership. His efforts to protect and promote the Indian economy have been widely applauded, and this award is a fitting recognition of his hard work and dedication.