Sanjay Malhotra appointed new governor of India’s central bank

ANKARA

India has appointed Sanjay Malhotra, the current Revenue Secretary, as the new governor of the Reserve Bank of India (RBI) for a three-year term, starting Wednesday.

Malhotra, a seasoned bureaucrat with over 30 years of experience in public policy, will succeed Shaktikanta Das, who has led the central bank since 2018.

Malhotra takes charge at a critical juncture for India’s economy, which has been facing challenges. Economic growth slowed to 5.4% in the third quarter of this year, down from 6.7% in the previous quarter, while consumer inflation surged to a 14-month high of 6.21% in October, surpassing the RBI’s target of 4%.

Last week, the RBI kept its benchmark interest rate at 6.5% for the 11th consecutive meeting, maintaining a neutral policy stance amid the slowdown in economic growth.

Malhotra’s appointment comes at a time of increasing calls for a recalibration of monetary policy to stimulate growth while containing inflation. His leadership will be pivotal in guiding the world’s fastest-growing major economy through these challenges.

• Reserve Bank of India (RBI)
• Revenue Secretary
• Sanjay Malhotra