Shaktikanta Das Stresses On ULI, New Tech Adoption In Last Address As RBI Governor

Shaktikanta Das, in his last address as the Reserve Bank of India Governor, termed United Lending Interface or ULI as a 'true gamechanger' adding that its benefits will be harnessed with a nationwide rollout.

During the press conference at RBI headquarters in Mumbai, Das said the focus during his six years in office was to harness the benefits of new technology as much as possible.

Das highlighted that financial inclusion has also received a lot of attention and it still remains a continuing task, "state of finality" not yet reached in that. Turning towards Unified Payments Interface or UPI, Das said, under the overarching umbrella of UPI a lot of products have been launched and UPI has emerged as a "global leader" in payment systems.

"ULI will be transformational, it will play a huge role in credit delivery to the the bottom of pyramid, the ease of access, the speed and the simplicity of procedure are the unique characteristics of ULI, and sitting outside I will look forward to the nationwide rollout of it and I have absolutely no doubt in my mind that RBI with the cooperation of all central and state govt cooperation will do a nationwide rollout", Das said.

In his address Das said he tried to focus and adhere to the principals he first promised to follow in his first speech as RBI governor on Dec 12, 2018.

"On December 12, 2018, at 4 pm, I first held a press conference as RBI Governor, and it feels fitting to address you today before I exit the office later. I would like to share a few thoughts.", Das added.

Das highlighted that the Reserve Bank is a great institution with a rich legacy, and emphasised the importance of teamwork. He mentioned his first address as governor and recalled telling that "my approach would be to work in the spirit of teamwork within the Reserve Bank, taking everyone along as a team. I also highlighted that decision-making in the modern world is very complex, and therefore, a consultative approach was He added that over the last six years, "It has been my endeavor to adhere to these principles, which I outlined when I took over as RBI Governor."necessary."

Shaktikanta Das said that over the last six years during his tenure as the RBI Governor, "It has been my endeavor to adhere to these principles, which I outlined when I took over."

Das is set to demit office on Tuesday, marking the end of his six-year tenure at the helm of the country’s central bank. His departure comes as Sanjay Malhotra, the current Revenue Secretary, is poised to take over as the 26th Governor of the RBI.

Under Das's leadership, the RBI dealt with key challenges, including the economic fallout from the Covid-19 pandemic and the subsequent recovery phase

Das’s tenure saw significant achievements, including leading India’s central bank through the pandemic while maintaining economic stability. He was also twice ranked as the world’s top central banker by the US-based Global Finance magazine.

Earlier in the morning Das shared his final goodbye on social media platform 'X' where he thanked PM Modi, Finance Minister Nirmala Sitharaman, RBI team and all other stakeholders involved. He wrote, "Will demit office as Governor RBI later today. Thank you everyone for your support and good wishes,"