Shaktikanta Das receives A+ grade in the central bank report cards 2024

Mumbai, Oct 27, 2024

RBI Governor Das gets the A+ grade for second consecutive year; key areas, including inflation control and economic growth targets, evaluated

Reserve Bank of India (RBI) Governor Shaktikanta Das received an A+ grade in the Central Bank Report Cards 2024 for the second consecutive year.

The award was presented by Global Finance in Washington, D.C. Grades were assigned on an “A+” to “F” scale, evaluating success in key areas like inflation control, economic growth targets, currency stability, and interest rate management.

An “A” reflects outstanding performance, while an “F” indicates a clear failure.

Since 1994, Global Finance has published the Central Bank Report Cards annually, grading central bank governors from nearly 100 key countries, territories, and regions, including the European Union and various central banks in the Caribbean and Africa.

Governor Das is credited with many achievements, particularly how he navigated the pandemic challenge and then the war in Europe amid global central banks’ increasing interest rates. During his tenure, the banking sector has become resilient, improving profitability and maintaining healthy capital.

During his tenure, India's foreign exchange reserve has so far expanded by $311 billion. During the tenure of the past five governors, the total reserves expanded the most, followed by $200 billion expansion witnessed during the tenure of Dr YV Reddy. During 2024 (up to October 11), India's reserves saw a net increase of $68 billion, positioning the country as the second-largest accumulator of foreign reserves, behind only China, among major reserve-holding nations. These reserves are sufficient to cover 11.8 months of imports and exceed 101 per cent of the country's total external debt as of June 2024.

[The Business Standard]