Money & Banking

Regulator never sleeps: Shaktikanta Das to RBI staff

K Ram Kumar Mumbai | Updated on January 03, 2020

Shaktikanta Das, Governor, RBI

Reserve Bank of India (RBI) Governor Shaktikanta Das has exhorted his colleagues to always keep in mind the cardinal principle that “the regulator never sleeps”.

Referring to several measures taken by the central bank towards strengthening different segments of the financial sector — banking, non-banking and the financial markets — Das underscored that these are continuous processes, demanding focussed attention at all times as the challenges are varied and keep emerging in a fast-changing world.

The measures taken by the RBI have necessitated changes to its internal processes in terms of its approach to regulation, supervision and developmental imperatives, the Governor said in his new year message to RBI staff. According to the RBI’s last annual report, the central bank had a total staff strength of 13,793.

“We have been proactive in our monetary policies. New initiatives in other areas like payment systems, financial inclusion, foreign exchange management, etc have kept us busy in 2019,” he added.

Cutting out the hyperbole

In a speech in August 2019, Das had emphasised that central banks and other regulators are required to follow the cardinal principle — the regulator never sleeps — in the context of weaker-than-expected growth with signs of slowdown in major economies, as projected by multilateral institutions like the International Monetary Fund (IMF), and looming trade tensions, geo-political risks, and related uncertainties continuing to exert pressure on the investment outlook.

“Cutting out the hyperbole, what it means is that the regulators and other authorities need to be constantly vigilant and pro-actively take whatever steps that are necessary,” he had said.

In his new year message, the Governor observed that timely response through in-depth analysis of various factors, close monitoring of key segments of the economy and effective communication play critical roles in policy-making.

“And I am happy to note that we have been able to largely deliver on our mandate through untiring efforts of our quality human resource and strong processes. Notwithstanding the importance of continuity in our policies and approaches, we should welcome positive changes and be quick to adapt.

“Let us work with continued vigour and commitment in 2020 to address current and evolving challenges through highest levels of integrity, diligence, skills and rigour in our work processes,” Das said.

Published on January 03, 2020

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