Sanjay Malhotra Takes Charge As RBI Governor, Pledges To Uphold Stability, Public Welfare

Reflecting on his new role, Malhotra expressed that it was both an honour and a significant responsibility. He pledged to uphold the Reserve Bank's legacy and continue its progress

“The RBI, in its mandate, has given itself the theme of stability, trust, and growth. All these three are very apt pillars which we need to continue building on,” Malhotra added

Source : PTI

Sanjay Malhotra, the newly appointed Governor of the Reserve Bank of India (RBI), held his first press conference on Wednesday following his official appointment. In his address, Malhotra highlighted the RBI’s core values of stability, trust, and growth, which will remain central to the bank's operations under his leadership. He succeeds Shaktikanta Das as the 26th governor of the RBI.

Reflecting on his new role, Malhotra expressed that it was both an honour and a significant responsibility. He pledged to uphold the Reserve Bank's legacy and continue its progress.

“The RBI, in its mandate, has given itself the theme of stability, trust, and growth. All these three are very apt pillars which we need to continue building on,” Malhotra added.

Malhotra assured that his decisions during his tenure would prioritise public welfare. “Stability in policy and continuity is very important. Decisions will be taken with public interest to preserve trust in this institution,” he stated.

While emphasising the importance of stability, Malhotra also recognised the need for flexibility in a rapidly evolving global landscape. “We cannot be stuck. We have to be agile while maintaining policy continuity,” he stressed.

The governor also reaffirmed the RBI's commitment to promoting financial inclusion through the banking sector and ensuring broader access to financial services for all.

Sanjay Malhotra officially took office as the Governor of the Reserve Bank of India (RBI) today, following the conclusion of Shaktikanta Das' second term on December 10. Before this, Malhotra served as the revenue secretary, and as chairman and managing director of the state-owned Rural Electrification Corporation Ltd (REC).

Malhotra’s appointment comes amid slower economic growth and ongoing concerns over inflation. While the RBI expects inflation to ease by the January-March quarter, consumer worries remain.

Last week, the RBI decided to keep the repo rate unchanged at 6.5 per cent but revised its GDP growth forecast for FY25 down to 6.6 per cent from 7.2 per cent. The central bank also anticipates that food prices will continue driving inflation through the third quarter of FY25.

The next RBI Monetary Policy Committee meeting is scheduled for February 5-7, 2025.