PM Modi Congratulates RBI Governor for Top Global Rating for Second Consecutive Year
Prime Minister Narendra Modi congratulated Reserve Bank of India (RBI) Governor Shaktikanta Das on Wednesday for earning an 'A+' rating for the second consecutive year in the ‘Global Finance Central Banker Report Cards 2024’. The accolade, reflecting top-tier performance, underscores Das's leadership and his role in fostering economic stability and growth.
PM Modi’s message on X (formerly Twitter) highlighted the significance of this achievement. He commended Das, stating, “Congratulations to RBI Governor Shri @DasShaktikanta for this feat, and that too for the second time”. Modi praised Das’s contributions towards economic stability and growth through effective governance at the RBI.
The ‘Global Finance Central Banker Report Cards 2024’, published by Global Finance magazine, annually assesses central bank governors across nearly 100 countries, territories, and major regions, including the European Union and several central banks in Africa. The report, established in 1994, assigns grades based on factors such as inflation control, economic growth targets, currency stability, and interest rate management.
Joseph Giarraputo, founder and editorial director of Global Finance, noted that central bankers globally have focused on combating inflation by raising interest rates. He remarked, “Countries around the world are witnessing tangible results from these efforts, as inflation has dropped significantly”.
In related developments, Governor Das addressed concerns about the growing disparity between credit and deposit growth in banks. Speaking to NDTV Profit, Das warned that this gap could lead to liquidity issues and urged banks to monitor the situation closely. He also discussed the evolving investment strategies of young, aspirational Indians.
Das indicated that decisions regarding reductions in the key policy repo rate will hinge on inflation trends. He mentioned that despite a drop in food and vegetable prices in July, it was insufficient to warrant a rate cut at this time. Das assured that any potential negative impact on economic growth from maintaining the current policy rate would be minimal and negligible.
