The Financial Times-owned magazine The Banker named Reserve Bank of India (RBI) governor Shaktikanta Das as the ‘Central Banker of the Year 2020’, Asia-Pacific. The citation lauded Das for bringing in measures to regulate shadow banking through a restrained approach.
India’s banking sector has been faced with many challenges including financial fraud and the rise in non-performing loans. A fall in demand, accompanied by slowing economic growth saw the RBI cut interest rates five times in the past year, with Das stating that is open to further rate cuts, if necessary.
The Banker also credited Das for tackling issues within the financial system by adopting a strategy that will reduce the dependence of lenders on the central bank. “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,” it said.
The Banker also credited Das for tackling issues within the financial system by adopting a strategy that will reduce the dependence of lenders on the central bank. The RBI has also been instrumental in empowering smaller banks that have a presence in pockets of the country. “As the threat from newer micro-finance institutions looms, Das moved to help the country’s urban co-operative banks install a robust IT system that will allow them to offer banking services at a lower cost and with safeguards to protect the customer,” the magazine said.
Recognition for Das comes at a time when India’s economy is facing severe scrutiny. Inflation has steadily risen even as industrial output has slumped, prompting fears of stagflation. Das has been previously spoken about the lack of governance in banking.
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He has also been vocal about the need to rehabilitate state-owned lenders, which have been a laggard on the banking sector owing to their pile of bad loans. In an attempt to make train officials raise red flags in the system, the central bank is planning to set up a college that will train staff to improve their supervisory skills.
These sessions will be available throughout the years, and are designed to keep officials abreast on the latest developments in banking and technology. The Banker also commended the RBI for instructing banks to offer benchmark-linked lending rating.
Free To Be Me! Here's What Freedom Means To Michael Phelps, Naveen Tewari and Tyra Banks
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Everyone has a different idea of freedom.
Take a look at how these personalities have taken inspiration from the concept.
(Text: ET Bureau/Apoorva Puranik)
Everyone has a different idea of freedom.
Take a look at how these personalities have taken inspiration from the concept.
(Text: ET Bureau/Apoorva Puranik)
Patrick Pichette
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(Image: www.plus.google.com)
Patrick Pichette
The former Google fi nance chief made waves last year when he announced he was ditching his multimillion-dollar annual paycheck and retiring from the search giant to spend more time..
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Naveen Tewari and Tony Abbot
As the head of state of a major country, one would expect that former Australian prime minister Tony Abbot would have moved around in armored vehicles and high-end cars. However, Abbot set an example by cycling to work, sometimes even to the parliament. During his term, he went on an epic pushbike expedition from Melbourne to Sydney, which drew much admiration and also some criticism. Since his term came to an end, Abbot has turned to cycling full time, hosting rallies and advocating the switch from smoke to spoke. Closer home, Inmobi CEO Naveen Tewari makes a case for the bicycle too. A fi tness enthusiast, Tewari sometimes bicycles his way to his Bengaluru offi ce, inspiring co-workers to try and go green too.
Naveen Tewari and Tony Abbot
As the head of state of a major country, one would expect that former Australian prime minister Tony Abbot would have moved around in armored vehicles and high-end cars...
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Wang Sicong
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Wang Sicong
Wang Jialin, one of China's richest men, is looking for a successor to take over his business after his son, Wang Sicong, declined to be his heir apparent. "I have asked my son about the..
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Tyra Banks and Louis CK
At a time when most of world is busy tweeting and sharing, actress-producer Tyra Banks said 'enough' to the tech craze. She told New York Times Magazine recently that her BlackBerry habit caused her physical pain and that she has given up on using phones now. A self-admitted "recovering tech addict", Banks has since gone low-tech and jots her thoughts in a notebook. She's not alone. Louis C K also said during an interview that he had sworn off the internet. The veteran comedian has previously come out in opposition of constant cell phone use too, arguing that it erodes people's ability to empathise and feel sad.
(Image: AFP & www.louisck.net)
Tyra Banks and Louis CK
At a time when most of world is busy tweeting and sharing, actress-producer Tyra Banks said 'enough' to the tech craze. She told New York Times Magazine recently that her Bla..
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