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Shaktikanta Das outlines most important tasks ahead for new RBI governor Sanjay Malhotra

| TOI Business Desk | TIMESOFINDIA.COM | Dec 10, 2024, 13:06 IST

Outgoing RBI Governor Shaktikanta Das emphasized inflation contro... Read More

Bringing inflation within the RBI's target range stands as the most important objective for the incoming RBI governor, emphasised Shaktikanta Das during his final address on Tuesday as he prepared to conclude his term as the Reserve Bank of India Governor.

Das provided insights into the crucial challenges awaiting the central bank whilst expressing optimism about his successor's capabilities, as he reviewed his six-year leadership period.

The Narendra Modi government has selected Sanjay Malhotra, the current revenue secretary at the Finance Ministry, as the next RBI Governor.

"First, so far as the Reserve Bank is concerned, I think restoring the inflation-growth balance is the most important task ahead of the Reserve Bank, and I am sure the Team RBI, under the leadership of the new Governor, will take it forward", Das said according to an ANI report.

Also Read | New RBI governor: Who is Sanjay Malhotra? Meet the Revenue Secretary who will succeed Shaktikanta Das as 26th RBI governor

He emphasised the productive and cooperative relationship between the RBI and the Finance Ministry during his leadership. He noted that whilst divergent viewpoints between the institutions were inevitable, they successfully resolved all matters through internal dialogue.

"Perspectives of Finance Ministry and RBI can differ at times, it happens world over, but in my tenure, we have been able to resolve all such issues through internal discussion", he added.

Discussing his initial period in 2018, Das recounted addressing banking sector concerns and liquidity management issues.

He underscored the significance of adaptable inflation targeting whilst maintaining economic growth. "It has been my endeavor to adhere to these principles during my tenure," he stated.

Das additionally highlighted the swift changes in global geopolitical and economic conditions, advising the RBI to maintain vigilance and flexibility.

Also Read | RBI cuts CRR: Will bank fixed deposit rates come down soon?

"The global geopolitical and geo-economics dynamics are undergoing fast changes. In this situation, it is always necessary to remain alert and agile, and I am sure the RBI will certainly be at its best." he remarked, showing confidence in the central bank's capability to address future challenges.

During Das's tenure, the RBI achieved substantial progress in technological adoption. He referenced the RBI Innovation Hub establishment in Bengaluru as a significant development for promoting financial sector innovation.

"Our focus in the last six years has been to capitalize as much as possible on harnessing the benefits of new technology", he noted.

Shaktikanta Das's leadership period at RBI is notable for guiding the Indian economy through challenging periods, including the COVID-19 pandemic and worldwide economic instability.

Top 10 Countries With Highest Gold Reserves 2024: India Moves Up Ranks!

Top 10 countries with most gold reserves 2024: Did you know that the United States of America has almost 10 times the amount of gold reserves as India? The US also has 3.5 times the gold reserves of China! So which country has the highest gold reserves? How much gold reserves does India have? RBI has been aggressively purchasing gold and India has actually moved up the ranks! Which countries have the highest gold reserves in the world as of 2024? We take a look at the latest World Gold Council data:

(It’s important to note that till last quarter, that is till Q2 of 2024, WGC was reporting gold reserves data for Russia, which ranked 5th then. However, from Q3 data for Russia is not available on WGC)

The United States of America or the US has the highest gold reserves in the world. According to the latest World Gold Council data for Q3 of 2024, the US had 8,133.46 tonnes in gold reserves, making it rank first in the list of the top 10 countries with most gold reserves. US gold reserves remain unchanged from Q2 of 2024, as per the WGC data. (AI image)

Germany ranks second in the list of the top 10 countries with highest gold reserves in 2024. As per the latest WGC data for the third quarter of 2024, Germany held a total of 3,351.53 tonnes in gold reserves. (AI image)

Italy has the world’s third highest gold reserves, as per World Gold Council data. At the end of Q3 of 2024, Italy had a total of 2,451.84 tonnes in gold reserves. This data is unchanged from the second quarter of 2024. (AI image)

France ranks 4th in the list of the top 10 countries with the most gold reserves in 2024. At the end of the third quarter of this year, France held 2,436.94 tonnes in gold reserves, according to the latest WGC data. (AI image)

China has moved up a rank in the list of top 10 countries with highest gold reserves for 2024. China has 2,264.32 tonnes in gold reserves at the end of Q3 of 2024. In the second quarter it had ranked 6th with 2262.45 tonnes of gold reserves. (AI image)

Switzerland has the world’s 6th highest gold reserves, according to the latest World Gold Council data. At the end of Q3 of 2024, Switzerland had 1,039.94 in gold reserves. (AI image)

Top 10 countries with highest gold reserves 2024: How much gold does India have? India has moved up the ranks in the list of the countries with highest gold reserves in 2024. As per the latest WGC data, at the end of Q3 of 2024, India had 853.63 tonnes in gold reserves, making it rank 7th as against 9th earlier. RBI has been aggressively adding to India’s gold reserves and according to WGC, India was among the top 5 countries with the largest increase in gold reserves. (AI image)

Japan ranks 8th on the list of the top 10 countries with the highest gold reserves in 2024. As per the latest World Gold Council data, Japan had a total gold reserves of 845.97 tonnes at the end of Q3 of 2024. (AI image)

The Netherlands had 612.45 tonnes in gold reserves at the end of the third quarter of the calendar year 2024, according to the World Gold Council. This makes it 9th on the list of countries with highest gold reserves. (AI image)

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Shaktikanta Das outlines most important tasks ahead for new RBI governor Sanjay Malhotra

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