Reserve Bank of India (RBI) Governor Shaktikanta Das has been awarded an A+ grade in the Central Bank Report Cards 2024, marking his second consecutive year of recognition. This accolade was presented by Global Finance during an event in Washington, D.C. The grades, ranging from “A+” to “F,” assess central banks on their effectiveness in critical areas such as inflation control, economic growth targets, currency stability, and interest rate management.
Award Recognition
- 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.
Grading Scale
- Grades are assigned on an “A+” to “F” scale.
Global Finance’s Report
- Since 1994, Global Finance has published the Central Bank Report Cards annually.
- The report grades 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’s Achievement
- Credited with successfully navigating challenges posed by the pandemic and the war in Europe amid rising global interest rates.
- Strengthened the banking sector, enhancing profitability and maintaining healthy capital ratios.
Foreign Exchange Reserves
- Under Governor Das’s leadership, India’s foreign exchange reserves have expanded by $311 billion.
- The expansion during his tenure outpaces the previous five governors, with Dr. YV Reddy’s tenure seeing a $200 billion increase.
- As of October 11, 2024, India’s reserves experienced a net increase of $68 billion, making it the second-largest accumulator of foreign reserves among major reserve-holding nations, behind China.
Current Reserve Status
- India’s foreign exchange reserves are sufficient to cover 11.8 months of imports.
- Reserves exceed 101% of the country’s total external debt as of June 2024.
Global Finance Central Banker Report Cards 2024
Release of Grades
- Global Finance magazine has announced the Central Bank Governors who received the highest grades, “A+,” “A,” or “A-” in the Central Banker Report Cards 2024.
Overview of the Report
The Central Banker Report Cards have been published annually by Global Finance since 1994.
The report grades the central bank governors of nearly 100 key countries, territories, and regions, including,
- The European Union
- Eastern Caribbean Central Bank
- Bank of Central African States
- Central Bank of West African States
Grading Scale
- The grading system ranges from “A+” to “F.”
Grades are based on performance in key areas, including,
- Inflation control
- Economic growth goals
- Currency stability
- Interest rate management
An “A” grade signifies excellent performance, while “F” indicates outright failure.
Other Details of Report
Central Bankers Earning an A+ Grade
- Denmark: Christian Kettel Thomsen
- India: Shaktikanta Das
- Switzerland: Thomas Jordan
Central Bankers Earning an A Grade
- Brazil: Roberto Campos Neto
- Chile: Rosanna Costa
- Mauritius: Harvesh Kumar Seegolam
- Morocco: Abdellatif Jouahri
- South Africa: Lesetja Kganyago
- Sri Lanka: Nandalal Weerasinghe
- Vietnam: Nguyen Thi Hong
Central Bankers Earning an A- Grade
- Cambodia: Chea Serey
- Canada: Tiff Macklem
- Costa Rica: Roger Madrigal Lopez
- Dominican Republic: Héctor Valdez Albizu
- European Union: Christine Lagarde
- Guatemala: Alvaro Gonzalez Ricci
- Indonesia: Perry Warjiyo
- Jamaica: Richard Byles
- Jordan: Adel Al-Sharkas
- Mongolia: Byadran Lkhagvasuren
- Norway: Ida Wolden Bache
- Peru: Julio Velarde Flores
- Philippines: Eli Remolona
- Sweden: Erik Thedéen
- USA: Jerome Hayden Powell
Overview of Global Finance
Founding and History
- Global Finance was established in 1987, making it a reputable source in the field of international finance for over 37 years.
Circulation and Reach
- The magazine has a circulation of 50,000 copies and reaches readers in 193 countries and territories worldwide.
- Its global readership includes senior corporate and financial officers responsible for investment and strategic decisions at multinational companies and financial institutions.
Target Audience
- Global Finance primarily caters to professionals in the financial sector, including executives, analysts, and decision-makers.
- The content is tailored for those who influence investment and corporate strategies.
About Reserve Bank of India (RBI)
- The Reserve Bank of India, abbreviated as RBI, is India’s central bank and regulatory body responsible for regulation of the Indian banking system.
- It is responsible for the control, issue and maintaining supply of the Indian rupee.
- The RBI was established in 1934, under the Reserve Bank of India Act.
- The bank was set up based on the recommendations of the 1926 Royal Commission on Indian Currency and Finance, also known as the Hilton Young Commission.
- Though privately owned initially, it was nationalized in 1949 and since then fully owned by the Ministry of Finance, Government of India.
Composition of the RBI
The overall direction of the RBI lies with the 21-member central board of directors, composed of,
- One Governor;
- Four Deputy Governors;
- Two Finance Ministry Representatives (usually the Economic Affairs Secretary and the Financial Services Secretary);
- Ten government-nominated Directors; and
- Four Directors who represent local boards for Mumbai, Kolkata, Chennai, and Delhi.
- Each of these local boards consists of five members who represent regional interests and the interests of co-operative and indigenous banks.
- The first Governor of the RBI was the Australian Sir Osborne Arkell Smith. Sir C D Deshmukh was the first Indian to become Governor.
| Summary/Static | Details |
| Why in the news? | Reserve Bank of India (RBI) Governor Shaktikanta Das has been awarded an A+ grade in the Central Bank Report Cards 2024 |
| Recognition | Second consecutive year of receiving A+ grade |
| Award Presentation | Presented by Global Finance in Washington, D.C. |
| Grading Scale | Ranges from A+ to F |
| Key Performance Areas | – Inflation control – Economic growth goals – Currency stability – Interest rate management |
| Global Finance Central Banker Report Cards | Published annually since 1994 Grades nearly 100 countries, territories, and regions on key economic areas |
| About Global Finance | – Established in 1987 – Circulation of 50,000 copies, reaching 193 countries – Caters to financial professionals |
| About RBI | – Established in 1934 – Responsible for controlling the Indian rupee and regulating the banking system – Nationalized in 1949 |
| RBI Composition | – Governor: Shaktikanta Das – Four Deputy Governors – 21-member central board of directors |