‘Every institution has to maintain its autonomy, adhere to accountability’: Shaktikanta Das

Will try to uphold credibilty and autonomy of RBI: Shaktikanta Das

Governor Shaktikanta Das said on Wednesday he would adopt a consultative approach and move quickly to meet bank chiefs and other parties to tackle issues facing the sector.

RBI board is likely to sign off on terms of reference of the committee that will look into the issue of transfer of surplus RBI reserves.

On Friday, the RBI board will discuss issues relating to transfer of RBI's surplus funds to the government, and relaxation in PCA framework.

The maintenance of the growth trajectory of the economy is also important.

"His resignation at this time would be wrong for the government, economy and the RBI". So, there are several areas which RBI has to be dealing with and so we will focus on those areas.

"The PCA is akin to changing the ground rules halfway through a cricket match", Goyal said, underlining that the decision was taken by RBI without a go ahead from its central board or government.

Former Economic Affairs Secretary Shaktikanta Das was named the 25th Governor of the Reserve Bank of India to succeed Urjit Patel, who resigned suddenly on Monday amid a bitter dispute over the regulator's autonomy. At present, he is also the government's representative at the Group of 20 summits.

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After a marathon board meeting on November 19, the RBI board had chose to review the PCA framework in what was seen as ceding the ground.

It can be noted that the poll-bound government has already overshot its fully year fiscal deficit target by 4 percentage more than budgeted as of October as indirect tax collection has been below target on one hand and failing on the non-tax revenue side by a wide margin-divestment proceeds has so far been only around Rs 15,000 crore year-to-date against a target of Rs 80,000 crore.

The government began the selection process soon after Patel's resignation. "Govt is not just a stakeholder but also runs the country, economy&manages major policy decisions".

Mr Das gave his best wishes to former Governor Urjit Patel for his future endeavours. The issue led to Rau leaving the office in protest.

Arun Jaitley, India's Minister of Finance and Corporate Affairs, acknowledged Patel's departure. Patel, who had said he was resigning for personal reasons, and his predecessor Raghuram Rajan are economists.

Das was the key man behind the planning and execution of demonetization drive.

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