Dec 11, 2024 05:17 PM IST
The previous income secretary additionally stated he was “conscious of the fact that we do maintain continuity and stability.”
Addressing his maiden press convention, Reserve Financial institution of India (RBI) governor Sanjay Malhotra on Wednesday emphasised on the necessity to stay “alert and agile” to face “challenges.”
Sanjay Malhotra, governor of the Reserve Financial institution of India (RBI), throughout a information convention in Mumbai, India, on Wednesday, Dec. 11, 2024.: (Dhiraj Singh/Bloomberg)
Malhotra’s assertion got here on a day when he took cost as the top of the central financial institution, succeeding Shaktikanta Das, whose time period ended a day in the past after a six years within the job, the second half of which was an extension.
Malhotra, the twenty sixth governor of the central financial institution, stated, “As we have to be conscious of the fact that we do maintain continuity and stability, we cannot be stuck to it. We have to be alert and agile to meet the challenges.”
Additional, the ex-revenue secretary confused the RBI will proceed to work together with all segments, together with monetary regulators, states and the Centre.
“We do not have monopoly of all the knowledge,” Malhotra said, including that the central financial institution will make intensive use of expertise for monetary inclusion.
The RBI’s new governor begins his tenure at a time when the nation has recorded its lowest GDP progress in seven quarters, because the financial system grew at solely 5.4% through the July-September quarter of FY25.
Who’s Sanjay Malhotra?
Malhotra is a 1990-batch bureaucrat of the Rajasthan cadre and has served as an officer in varied sectors, together with energy, finance and taxation, info expertise, mines, and so on.
An engineering graduate from IIT Kanpur, the RBI governor was additionally the Chairman and Managing Director of the state-run Rural Electrification Company Restricted.
Malhotra additionally served because the Secretary of the Division of Monetary Providers underneath the finance ministry.
(With PTI inputs)
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