RBI board reviews global, domestic economic situation at first meeting under new Governor

The Central Board of Directors of the RBI placed on record its appreciation of the valuable services rendered by Shaktikanta Das during his tenure as Governor of the central bank.

Das, widely credited for steering the central bank through challenges including the Covid-19 pandemic and global economic uncertainties, demitted officer earlier this month after completing an extended six-year tenure.

Apart from reviewing the global and domestic economic situation and outlook, the board also discussed the activities of select Central Office Departments and deliberated on the draft Report on Trend and Progress of Banking in India, 2023-24.

"The Board reviewed the global and domestic economic situation and outlook, and discussed the activities of select central office departments as well as the draft report on Trend and Progress of Banking in India, 2023-24," the RBI said in a statement.

Deputy Governors Michael Debabrata Patra, M. Rajeshwar Rao, T. Rabi Sankar, and Swaminathan J., along with other Board members, including Satish K. Marathe, Revathy Iyer, Sachin Chaturvedi, Venu Srinivasan, and Ravindra H. Dholakia, attended the meeting.

Nagaraju Maddirala, Secretary, Department of Financial Services, was also present, the statement added.

Sanjay Malhotra, former revenue secretary in the Union government, took over the office of RBI Governor earlier this month, succeeding Das. A 1990-batch Indian Administrative Service (IAS) officer of the Rajasthan cadre, Malhotra brings vast administrative experience across various sectors including finance, taxation, power, and information technology.

"So far as the RBI is concerned, restoring the inflation growth balance is the most important task ahead of the Reserve Bank. I'm sure the Team RBI under the leadership of the new governor will take it forward," Das said at a press conference on his final day in the office.