26th RBI Governor Takes Charge: Sanjay Malhotra sets sights on stability, growth, and trust

Sanjay Malhotra takes charge as 26th RBI Governor: Sanjay Malhotra on Wednesday, December 11, took charge as the 26th Governor of the Reserve Bank of India (RBI). In his first public interaction as the central bank's new head promised to focus on restoring trust, promoting growth, and ensuring policy stability. Malhotra, a 56-year-old career bureaucrat, takes over at a critical time when inflation is above comfortable levels, growth has slowed to a seven-quarter low, and the rupee is at an all-time low against the US dollar.

At press interaction, the new RBI governor emphasised his commitment to ensuring the RBI remains a reliable institution focused on public interest, as PTI reported. "I can assure that we will put in the best foot forward in public interest to deliver what the public of India looks forward to, which is trust, which is growth and which is a stable and certain policy," he stated.

Malhotra acknowledged the dynamic global challenges, including geopolitical tensions, climate change risks, and political uncertainties. 26th RBI Governor said, "We are in a very dynamic world right now fraught with geopolitical tensions, climate change risks and political uncertainties."

He assured, as per PTI reported, that the RBI will remain "alert and agile" in responding to these challenges while continuing to uphold its legacy of diligence and hard work, which he credited to his predecessor, Shaktikanta Das.

"I will continue to uphold the legacy (of the RBI) and take it forward," he affirmed, outlining his thoughts on the key focus areas.

On growth, he said it is a "huge responsibility" to ensure that the expansion in economic activity continues. Although there was no explicit mention of inflation in his remarks, Malhotra stressed that the focus will be on "stability" and "trust", said PTI.

The new Governor also said that he would respond to media questions after understanding various issues from RBI's officers.

The next monetary policy review is scheduled for the first week of February, offering Malhotra nearly two months of time before he makes his maiden decision on interest rate and other important issues, said PTI.

With the inputs of PTI