RBI Governor Shaktikanta Das, the recipient of the esteemed Governor of the Year Award 2023, emphasized that central banks are being tasked with significant responsibilities beyond their traditional role within monetary and financial systems. The award was presented to Das by 'Central Banking,' a renowned organization that extensively covers global central banks and financial regulators. The recognition was conferred after the summer meetings in London earlier this year.
In March, when the award was announced, the organizers acknowledged Das for implementing crucial reforms, leading advancements in payment systems, and skillfully guiding India through challenging times. The statement from 'Central Banking' highlighted the profound impact Das had during the COVID-19 crisis, where he demonstrated composure amidst fear and skillfully navigated the RBI through political pressures and economic challenges, earning him the well-deserved accolade.
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In his plenary address titled "Central Banking in Uncertain Times: The Indian Experience," delivered on Tuesday, Governor Shaktikanta Das highlighted the expanded role of central banks in today's turbulent environment. Das, 66, emphasized that central banks, which serve as the foundation of monetary and financial systems, have been tasked with significant responsibilities beyond their conventional mandates.
Das pointed out that central banks have successfully navigated through unprecedented challenges, including the global pandemic, the conflict in Ukraine, and the rapid normalization of global monetary policies, all occurring within a span of three years. Moreover, he highlighted the recent shift in focus for central banks from providing stimulus to pandemic-impacted economies to addressing the challenge of rising inflation by utilizing all available tools at their disposal. Governor Das's address shed light on the evolving role of central banks in adapting to uncertain times and the various challenges they have faced in fulfilling their mandate effectively.
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