Shaktikanta Das named new RBI Governor

Former bureaucrat Shaktikanta Das, who spearheaded the post-demonetisation normalisation of the economy, was named the new governor of the Reserve Bank of India.

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

Shaktikanta 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 Urjit's replacement, the Appointments Committee of the Cabinet headed by Prime Minister Narendra Modi chose Shaktikanta within a day.