News Brief
Sanjay Malhotra
Newly appointed Reserve Bank of India (RBI) Governor Sanjay Malhotra outlined his vision for the central bank, focusing on continuity, stability, and inclusivity during his first media interaction after taking charge as the 26th governor.
Malhotra described his appointment as “both an honour and a huge responsibility” and stressed the RBI’s critical role in shaping India’s economic future.
“The RBI, now in its 90th year, stands on the pillars of stability, trust, and growth. These are the cornerstones of our policy approach, and they are essential as India advances toward its vision for 2047,” he said.
Malhotra’s tenure begins as the central bank grapples with high inflation and a slowdown in economic growth.
Under his predecessor, Shaktikanta Das, the RBI maintained the repo rate at its current level for the eleventh consecutive time in its 6 December policy review.
Inflation measured by the Consumer Price Index (CPI) hit 6.21 per cent in October, exceeding the RBI’s upper tolerance limit of 6 per cent.
Despite these challenges, Malhotra emphasised the importance of consistent and predictable policymaking.
Acknowledging the dynamic global environment, Malhotra highlighted the need to address evolving challenges such as geopolitical tensions, climate change, and technological advancements while maintaining stability.
Financial inclusion, he noted, remains a top priority.
“We have made significant progress in bringing banking services to every corner of the country, but more remains to be done. Collaboration with stakeholders, including the central and state governments and financial regulators, will be key to achieving universal access to formal financial services,” he said.
A strong advocate for technology, Malhotra pledged to harness innovation to drive inclusive growth. “The success of platforms like UPI demonstrates India's capability to lead in financial technology. We will continue to use technology to lower costs, broaden access, and drive inclusive growth,” he added, while stressing the importance of safeguards to mitigate risks.
Malhotra also called for public consultation in policymaking.
“The RBI does not have a monopoly on knowledge. Engaging with stakeholders and incorporating diverse expertise will ensure that our policies serve the public interest effectively,” he said.