Sanjay Malhotra, the new Governor of the Reserve Bank of India, said I will do a detailed study of all aspects of the country’s economic condition, growth rate and inflation. My priority is to strengthen the banking system and maintain financial stability.
The government has appointed Revenue Secretary Sanjay Malhotra as the new Reserve Bank of India (RBI) governor. He has replaced RBI Governor Shaktikanta Das. Das’s term ended on 10 December 2024, and Malhotra assumed the post on 11 December.
Important points related to the RBI Governor’s press conference
- It is an honour for me to be the Governor of RBI and a big responsibility as the head.
- RBI is responsible for more than just the banking sector.
- The Reserve Bank also plays an important role in the country’s economic development.
- RBI’s work has been commendable in the past years.
- I will try to carry forward its legacy.
- It is most important to bring stability in policy.
- I assure to make decisions in the public interest.
As said earlier- let me understand the field
A day after his appointment, Sanjay Malhotra said on Tuesday (December 10) that after joining, he would first spend time understanding the better solution for the country’s economy. Malhotra said, ‘Let me join first, let me understand the important subjects. This is a different role. You have to do the best whatever is necessary for the economy.’
The government has appointed Sanjay Malhotra as the new Governor of the Reserve Bank of India (RBI). Sanjay has replaced Shaktikanta Das, who was the governor for 6 years. During Das’ tenure, many successful and useful decisions have been associated with his name.
During the coronavirus epidemic, whether it is the exemption in tax payments to taxpayers, maintaining liquidity in the economy and taking necessary decisions to keep the economy stable amid war conditions around the world, Shaktikanta Das has always been at the forefront.
Sanjay Malhotra will serve as the Governor of RBI for the next three years from today. His work is influenced by Shaktikanta Das’ legacy, with some aspects making it easier and others presenting challenges. In this situation, let us discuss some major responsibilities that Sanjay must fulfil on his first day in office.
- Sanjay Malhotra is going to take charge of the Central Bank at a time when economic growth has slowed down. Apart from this, inflation has reached above the set limit. Dealing with this double challenge will be one of the most important tasks for him.
- In October, the retail inflation rate rose to a 14-month high of 6.21%. At the same time, the country’s GDP growth in the July-September quarter fell to a seven-quarter low of 5.4%. The new governor will be responsible for bringing it back on track.
- RBI has not made any change in the repo rate for the last two years. In the last month, the Finance Minister, Industry Minister and Petroleum Minister have advocated a cut in interest rates. The decision of rate cut is going to be more challenging for Sanjay Malhotra.
- At one time, the deposits with banks had reached Rs 2.86 lakh crore, but on August 28, it has come down to less than Rs 1 lakh crore. Experts believe that the pressure on banks to increase deposits may continue for some more time.
PM Narendra Modi counts Sanjay Malhotra among his favourite officers.
In matters of finance, many people consider Malhotra one of the reformist and strong working officers. He has gained experience in almost all the departments of Rajasthan. He resides in Rajasthan. PM Narendra Modi considers Malhotra one of his favourite officers.
Famous things about Sanjay Malhotra
He does a lot of research on any issue before working on it. Even while strolling in the park or walking, he keeps searching, listening and watching something on the internet. Whenever he gives a presentation, he gives it citing that research. In such a situation, the deep impact of his words and thoughts is seen in every meeting.
