Sanjay Malhotra becomes the 26th governor of the Reserve Bank of India

Sanjay Malhotra took over as Governor of the Reserve Bank of India on Wednesday. The 26th governor of the central bank was warmly welcomed by senior RBI officials on his arrival at the headquarters in the morning.

The former Revenue Secretary signed the necessary documents to run the institution with its various responsibilities. The ceremony was attended by Deputy Governors Swaminathan J, M Rajeshwar Rao and T Rabi Sankar.
Rajasthan’s IAS officer takes control of the RBI during a crucial period and faces a disrupted balance between growth and inflation.
In the September quarter, GDP growth fell to 5.4 percent, its lowest level in seven quarters, while October headline inflation exceeded the government’s 6 percent target for the central bank.
Financial experts anticipate interest rate reductions in the next policy review in February, suggesting that Malhotra’s appointment strengthens this likelihood.
The Reserve Bank, during the tenure of former governor Shaktikanta Das, kept policy rates unchanged in 11 consecutive meetings spanning almost two years, with a focus on controlling inflation. The bank attributed the sluggish growth to high inflation levels.
Malhotra will address the media later today, potentially outlining his main areas of interest.