About:
- Shaktikanta Das will have a tenure of three years. His name was approved by the Appointments Committee of the Cabinet (ACC) has approved his name.
- He has been appointed in the aftermath of Urjit Patel resigning as RBI Governor citing personal reasons.
- Career:
- He is a retired 1980 batch Indian Administrative Service (IAS) officer of Tamil Nadu cadre.
- During his career as an IAS officer, her served as Economic Affairs Secretary of India, Revenue Secretary of India, Fertilizers Secretary of India.
- Post retirement, he was appointed a member of the 15th Finance Commission. He was also appointed as India's Sherpa to the G20.
Appointment of RBI Governor:
- Legal backing: Under section 8 of the RBI Act, the central government has powers to appoint the central bank governor.
- Procedure:
- The government has constituted a Financial Sector Regulatory Appointment Search Committee (FSRASC) that is responsible for calling vacancies and recommending names for the posts of Chairman/Governor of SEBI/RBI/IRDAI/PFRDA.
- FSRASC, headed by the Cabinet Secretary, is mandated to have senior bureaucrats and three outside experts of repute (to be nominated by the central government) in the fields of finance, economics, law, public administration.
- FSRASC recommends the names to the appointments committee of cabinet (ACC), which comprises of the Prime Minister and Home Minister. ACC finally approves the appointment.
- Tenure:
- The Governor and Deputy Governors hold office for periods not exceeding five years and shall be eligible for re-appointment.
- The term of the governor may be fixed by the government at the time of his appointment (Urjit Patel and Raghuram Rajan were appointed for three years).
