RBI governor Shaktikanta Das named Central Banker of Year 2020-Asia Pacific by London-based magazine

Shaktikanta Das, Governor, Reserve Bank of India (RBI) has been named as the ‘Central Banker of the Year 2020’, Asia-Pacific, by financial intelligence magazine The Banker.

India’s banks have faced a series of challenges, from non-performing loans to issues around fraud. Repeated economic slumps saw the central bank cut interest rates five times during 2019, and it was open to cutting them again if necessary, according to the statement released on Monday by the financial intelligence magazine.

It said that Das tried to manage banking issues within the financial system, a risky move but one that will reduce dependence on the central bank.

He has also been credited for being proactive in providing assistance to India’s smaller banks.

“Lenders outside the traditional bank network have been placed under greater levels of scrutiny. Housing finance companies have been brought under the regulation of RBI and will adhere to the same rules framework of non-bank finance companies.”

An environment of macroeconomic stability, as reflected in low and stable inflation, notwithstanding its recent spike that is expected to be transient; a sustainable current account deficit; and rising foreign exchange reserves have contributed towards maintaining financial stability and laying a platform for sustained growth," a statement quoted Das, as saying.

--With ANI inputs