MUMBAI: Reserve Bank of India (RBI) governor Shaktikanta Das’s moves to regulate non-banking finance companies (NBFCs) without hand-outs has won him the title of Asia-Pacific’s central banker of the year.
The award has been instituted by a publication — The Banker — to celebrate the officials that have best managed to stimulate growth and stabilise their economy. In a note, The Banker said the RBI has faced a series of challenges, from non-performing loans to issues around fraud.
“Faced with these challenges, Shaktikanta Das, governor of RBI, has taken steps to bring banking in India up to standard via a restrained approach to governance,” the statement said. It also acknowledged Das’s measures to tighten the rules around shadow banking, and bring lenders outside banking under greater scrutiny.
“Das has been outspoken on the lack of governance in banking, calling for tighter rules for the state-owned banks, which comprise 60% of India’s banking sector. To make the banking system more robust, the central bank is to set up a college for supervisors with the aim of improving supervisory skills,” the note said.
In the past, former governor Raghuram Rajan was felicitated as central banker of the year (global and Asia-Pacific) in 2016 for his role in weathering the risks arising out of US tightening in 2015.
The award has been instituted by a publication — The Banker — to celebrate the officials that have best managed to stimulate growth and stabilise their economy. In a note, The Banker said the RBI has faced a series of challenges, from non-performing loans to issues around fraud.
“Faced with these challenges, Shaktikanta Das, governor of RBI, has taken steps to bring banking in India up to standard via a restrained approach to governance,” the statement said. It also acknowledged Das’s measures to tighten the rules around shadow banking, and bring lenders outside banking under greater scrutiny.
“Das has been outspoken on the lack of governance in banking, calling for tighter rules for the state-owned banks, which comprise 60% of India’s banking sector. To make the banking system more robust, the central bank is to set up a college for supervisors with the aim of improving supervisory skills,” the note said.
In the past, former governor Raghuram Rajan was felicitated as central banker of the year (global and Asia-Pacific) in 2016 for his role in weathering the risks arising out of US tightening in 2015.
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