Sanjay Malhotra Press Conference Live : Sanjay Malhotra Takes Office as RBI Governor

New Delhi, December 11, 2024:

Sanjay Malhotra Press Conference Live: Sanjay Malhotra formally assumed office today as the 26th Governor of the Reserve Bank of India (RBI), taking over from Shaktikanta Das, whose six-year term ended on December 10, 2024. Malhotra is an IAS officer from the 1990 batch and was appointed to the position by the Appointments Committee of the Cabinet in an official notification issued on December 9, 2024.

Sanjay Malhotra, an experienced bureaucrat, has had a distinguished career in finance, taxation, IT, and power. He had previously been the Revenue Secretary in the Ministry of Finance. There, his experience in fiscal policy and taxation proved crucial to shaping India’s economic framework. Malhotra has a B. Tech in Computer Science from IIT Kanpur and an M. P. P. from Princeton University, USA, which brings together the technical and policy knowledge for this new role.

Sanjay Malhotra Press Conference Live : Commitment to Policy Continuity and Stability

In his first press conference, Malhotra admitted the huge responsibility of leading such a prestigious institution and stated that all decisions made under his leadership would be guided by public interest. “It is a huge responsibility,” Malhotra said, stressing his commitment to ensuring policy continuity and stability during his tenure. He also promised to continue the legacy of the RBI, an institution that is 90 years old and is known for its central role in India’s financial system.

Malhotra emphasized the need to gain the trust of the public and said: “I will try to ensure policy continuity and stability and gain the trust.” He committed himself to the vision for a “Viksit Bharat” (Developed India), which is the goal for India’s long-run economic objectives.

Checking Inflation and Food Prices

One of the prominent challenges Sanjay Malhotra needs to face is the inflation in the economy, which the country has been experiencing consecutively for months. India’s headline inflation by the Consumer Price Index, or CPI, has surged to 6.21% in October, surpassing the RBI flexible target range of 2-6%. Food prices would be a significant area of control for the new Governor of RBI, which have greatly contributed to inflation. The RBI’s Monetary Policy Committee has forecast that retail inflation would soften to 4% only by the September quarter of FY26.

He conceded the control of inflation management towards restoring the economy’s stability. Therefore, the RBI would “work together with the government to solve the problem,” and hence Malhotra has been better suited for the task by virtue of his experience in finance and taxation. The monetary policy shall continue to respond to changes within the economy.

A Legacy of Growth and Financial Inclusion

Throughout his career, Malhotra has been a strong advocate for financial inclusion, a priority area for the RBI. As the new Governor, he is expected to build on the progress made in expanding access to banking and financial services for underserved populations, furthering the RBI’s commitment to promoting inclusive growth.

Sanjay Malhotra’s leadership will come at a time when the financial system of India is going through significant change and when the RBI is poised to play a pivotal role in defining the country’s economic future. The leader is well positioned as his background is both in public policy and finance, capable enough to steer the central bank through the complexities of a rapidly changing global economy.

As Sanjay Malhotra embarks on his new role, he is determined to uphold the RBI’s legacy while advancing the country’s economic development through effective monetary policy, financial inclusion, and a strong focus on public welfare.

The entire nation will be watching closely as Malhotra charts the future course of India’s central bank, with an eye on fostering stability, growth, and resilience in the face of emerging challenges.