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Last updated: 12 Dec, 2018  

chidambaram-23022013-THMB.jpg New RBI governor appointed, Congress opposes

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SME Times News Bureau | 12 Dec, 2018

Former Economic Affairs Secretary Shaktikanta Das on Wednesday assumed charge as RBI Governor after Urjit Patel abruptly resigned from the post amidst a tiff with the government on the central bank's autonomy.

"Assumed charge as Governor, Reserve Bank of India. Thank you each and everyone for your good wishes," the new incumbent said in a Tweet.

Das, who as Economic Affairs Secretary steered the monetary situation post-demonetisation, was appointed the Reserve Bank of India (RBI) Governor on Tuesday.

Industry bodies like FIEO and FICCI welcomed the appointment of the new Governor. FIEO expressed hoped that Das would take steps to increase credit to the export sector.

However, the Congress alleged that he would play to the tunes of the government and that choosing a bureaucrat who defended demonetisation, instead of an eminent economist, will diminish the institution.

Former Finance Minister P. Chidambaram said Das was the second person to be appointed at a key post for defeinding the 2016 demonetisation move and it showed the government's insensitivity towards common people. The Congress leader was apparently refering to the recent appointment of Krishnamurthy Subramanian as the Chief Economic Adviser (CEA) as the first such instance.

"Government has appointed two persons who vocally supported demonetisation to two key posts. What does it say about the Modi government? Is government telling the people of the country 'we don't care what you think, we will do exactly as we please?" Chidambaram said in a tweet.

Das, a retired 1980-batch IAS officer from the Tamil Nadu cadre, was a member of the 15th Finance Commission of India and India's Sherpa to G20. Having a master's degree from St. Stephen's College, he earlier served as Joint Secretary in the Expenditure Department of the Finance Ministry.

In a development that came as an embarrassment for the government, Patel resigned on Monday citing "personal reasons" even as his various predecessors hinted that the decision was rooted in the recent controversy involving the government and the central bank.

His resignation came against the backdrop of the tiff between the government and the central bank over the liquidity and credit crunch in the economy that provoked an extraordinary meeting of the RBI board on November 19.

 
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