Mumbai: Sanjay Malhotra took charge as the 26th Governor of the Reserve Bank of India (RBI) on Wednesday, marking the beginning of his tenure at a critical juncture for the central bank. Malhotra, a career bureaucrat, signed the necessary documents at RBI headquarters in Mumbai, where he was welcomed by senior officials, including Deputy Governors Swaminathan J, M Rajeshwar Rao, and T Rabi Sankar.
Malhotra, who recently served as the Revenue Secretary, arrives at the helm amid ongoing concerns over balancing growth and inflation. His predecessor, Shaktikanta Das, had described this balance as “unsettled.” The September GDP growth hit a seven-quarter low of 5.4 percent, and inflation in October remained above the 6 percent mark set by the government for the central bank.
Analysts predict that Malhotra’s appointment could signal a potential interest rate cut at the RBI’s upcoming policy review in February, following a period of status quo on rates under Das to curb inflation.
Malhotra, an IAS officer of the Rajasthan cadre, is expected to address the press later today and outline his priorities for the institution.
