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Wednesday
January 2019
6:16 AM IST
News Headlines
NRIs are India's brand ambassadors, symbolise country's capabilities: PM        More domestic, international services from Kannur International Airport        Kohli will break all records created by Tendulkar: Zaheer Abbas        Man gets 7 years rigorous imprisonment for robbery        Encounter breaks out at Shopian in J-K        France fines Google nearly $57 million        Full dress rehearsal for Republic Day Parade on Wednesday, traffic restrictions to be in place        Jaitey calls Congress remarks on EVM hacking "lie and garbage"        China''s economy slumps to 28 year low to 6.6 per cent in 2018        Venezuela military group calls in video for not recognizing Maduro        First Indian-American Senator Kamala Harris announces her 2020 US presidential bid        Ross Taylor praises Kohli''s batting prowess ahead of limited-overs series        Halep sent home but Djokovic, Williams headed to the Australian Open quarter-finals        Boo - The World's Cutest dog dies        PM condoles demise of Lingayat seer        CJI recuses from hearing plea challenging Rao's appointment as interim CBI chief        Ankita wins first singles title of 2019 season in Singapore        Kohli is greatest ODI batsman to have played the game: Clarke        Minister says UK faces 'political tsunami' if Brexit halted        Mumbai TDS office issued prosecution notices in 50 ''big'' cases in past one month: CBDT        
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Business News
Shaktikanta Das named new RBI Governor
 
New Delhi, Dec 11 (PTI) Former bureaucrat Shaktikanta Das, who spearheaded the post-demonetisation normalisation of the economy, was Tuesday named the new governor of the Reserve Bank of India.

Das, 61, replaces Urjit Patel, who shocked the establishment and markets by announcing his exit from the central bank Monday.

Das will have a three-year term, an official order said.

He will be the first bureaucrat to head the central bank in almost five years.

While it was widely expected that the government will name an interim RBI head during its search for Patel's replacement, the Appointments Committee of the Cabinet headed by Prime Minister Narendra Modi chose Das within a day.

In a tweet, the Finance Ministry said the government has "accepted the resignation of Dr Urjit Patel who resigned yesterday from the said post."

Meanwhile, Finance Secretary A N Jha said Das has wide experience in state government as well as the union government.

Das, a 1980-batch Tamil Nadu cadre IAS officer, who retired as Economic Affairs Secretary in May 2017, oversaw the re-monetisation of the economy after the shock decision to withdraw 86 per cent of the currency in circulation in November 2016.

After his retirement, he was named India's G-20 sherpa and also appointed as a member of the 15th Finance Commission.

Das, a history graduate from the prestigious St. Stephen's College in Delhi, was brought to the Finance Ministry soon after the BJP-led NDA government came to power in mid-2014 and given charge of the crucial revenue department. He was later moved to the economic affairs department, which essentially deals with monetary policy and the RBI.

While the BJP government chose an economist in Patel to head the RBI after it had denied extension to former IMF Chief Economist Raghuram Rajan for a second term in 2016, the position has once again gone to a bureaucrat. Bureaucrats have occupied the position for the most number of years.

The last IAS officer to head the RBI was D Subbarao, who demitted office in September 2013.

Urjit Patel, who initially appeared to have toed the government line on issues like demonetisation, had in the recent weeks clashed with the Finance Ministry over issues of liquidity, reserves of the central bank and lending norms.

The face-off led to the government invoking a never-used-before provision of the RBI Act to bring the governor to the negotiating table on these issues.

Patel chose to resign four days ahead of the crucial meeting of the RBI Board where government nominee directors were expected to push the central bank on governance issues.

Das will be the 25th Governor of the RBI.


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KERALA NEWS
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 Thiruvananthapuram: More domestic, international services to start from Kannur International Airport  
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INTERNATIONAL NEWS
France fines Google nearly $57 million
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Venezuela military group calls in video for not recognizing Maduro
First Indian-American Senator Kamala Harris announces her 2020 US presidential bid
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NATIONAL NEWS
Man gets 7 years rigorous imprisonment for robbery
 Thane: A Thane court has awarded seven years' rigorous imprisonment to a 36-year-old man for robbing
Encounter breaks out at Shopian in J-K
Jaitey calls Congress remarks on EVM hacking "lie and garbage"
PM condoles demise of Lingayat seer
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