1980-batch Tamil Nadu cadre IAS officer, has a master’s degree in history and is a post-graduate in public administration. This was initially held against him, as not being a student of economics. His two immediate predecessors – Urjit Patel and Raghuram Rajan – held Doctorates in Economics. Undeterred, he rode high, backed by the confidence reposed in him by the prime minister. From being the poster boy in the implementation of the de-monetisation drive, holding daily press conferences to allay fears among the public, rendering a daily advice on how best to meet the challenges of the note bandhi, Das was moved to RBI, following the sudden exit of his predecessor, Urijit Patel.

In the process, since then, Das became the second-longest serving RBI Governor, and the longest serving chief post-liberalisation. After a six-year tenure, with a Masters in History, while studying at Delhi’s prestigious St Stephen’s College, Das was clearly the winner on most fronts.

He had earlier worked extensively in the Finance Ministry, the 15th Finance Commission, and as India’s G-20 Sherpa, he was a two-time winner of the ‘Central Banker of the Year’ award, given by the Global Finance magazine.

Did Das toe the government’s line? Did he prove to be sufficiently independent-minded? If the jury will find an answer to this one by citing absence of open conflict, between the government and the RBI, that would be most unkind to him. By temperament, Das has always been a polite, likeable, self-effacing seeker of solutions. He did just that, and while pursuing this doctrine, he worked hard on his job, gaining quick traction for his seriousness of purpose. In the end, there was this inevitable clamour for rate reductions, especially after the last GDP figures did not exactly bring joy to the treasury benches, the fault lines were passed onto the RBI’s reluctance to drop rates. Providing stimulus to economic growth is one thing, largely dependent upon government policies, other as much as on global uncertainty. Keeping inflation within target, keeping a check on prices, Das kept his cool demeanour and did what best he saw for the larger good.

His innings has been overall rated as a high success. So much so, as his successor was not appointed till the very last day, murmurs had begun circulating that he may get another extension. During his tenure, the RBI has been noted to have become stronger during his innings. His tenure witnessed some of the most unusual challenges in recent history, some of it, never seen or encompassed before. Like the covid storm, that left the global economy shattered, not just India as we seemed to have done better than most. Wars were thought of, feared, but we are still going through two wars, both of which have impacted supply chains and many an economy. These have brought about a rare unseen before uncertainty. The threat has been to both Indian and global economy, every country’s financial stability has been challenged. Steering through these times, with silent dignity has been the hallmark of Das’s tenure.

During the Covid lockdown, the RBI had to take stock of urgent issues like both liquidity and asset-quality constraints. He kept them under check, ensuring there would not be any cause for market disruption. The RBI chose not to finance the government through the primary market during. It was handled with immaculate ease, in a show of confidence, fully backed by none other than the prime minister himself.

Inflation has been the big concern among governments. He has stuck to his guns, keeping his targets close to the defined upper tolerance level. As Governor, he was the head of the Monetary Policy Committee (MPC), apart from an uncertain period or two, he largely kept his head down, managing to steer close to targets. To his credit, he did not flinch, even in the last MPC meeting, when a few voices felt there could be a course correction from the RBI. But there wasn’t. Das believed and lived strongly by his conviction.

In his tenure, the net NPA ratio declined to 0.56 per cent from 4.50 per cent, banks reported a loss of 32,400 crore in FY18 whereas in FY23 the same figure stood as profits at 12.63 trillion. India’s forex reserves grew from $393.4 billion in December 28, 2018, to $658 billion in November 2024. He has been a strong votary of Digital transactions, particularly on the UPI, which have witnessed exponential growth; UPI is currently operational in seven countries, including Sri Lanka, Nepal, Bhutan, Mauritius, the United Arab Emirates, and Singapore.

Most of all, Das has been credited to strengthening systems and structures within the RBI, looking at long term perspective for the institution.

His successor, Sanjay Malhotra, similarly an IAS officer moving from the Finance Ministry, as Das did, has his job cut out, as he has promised stability and continuity in his new assignment. He is the 26th Governor, educated at a premier institute like Princeton, he is known to be a consensus builder. He has equally stressed the need to remain ‘alert and agile’, referring to global uncertainties and the political churning, especially in the light of the incoming US president’s pronouncements. A 1990 bath officer of the Rajasthan cadre, he belongs to Bikaner where he did his early schooling. We wish him all success in his new assignment.