In his first press conference in the role as Reserve Bank Governor, Sanjay Malhotra, expressed his gratitude and his sense of responsibility on December 11. In his approach to steering the central bank, Malhotra said he would focus on stability, agility and public trust.
‘It is an honor to be asked to lead this prestigious institution and it’s a tremendous responsibility.’ But agility is needed in our ever-changing world, because stability and policy continuity are important.” The RBI has to adapt to new challenges while it retains its legacy, Malhotra also pointed out.
One of the main things that Malhotra will focus on is promoting financial inclusion through technology and innovation. Leveraging technology to reduce costs and make financial services more accessible was something he also stressed. The very importance of the innovation is matched by its risks.” He also said consultation, which would be both at the national and international level, would be cornerstones of policymaking.
Malhotra is 56, brings experience to the RBI. A 1990 batch IAS officer of the Rajasthan cadre, the Income Tax officer had earlier worked as Revenue Secretary and had made a big difference in improving tax collections. He was also a leadership position, Chairman and Managing Director of the Rural Electrification Corporation (REC) Limited.
Malhotra, a graduate of IIT-Kanpur with a master’s degree in public policy from Princeton University, emphasised the importance of stability in policies, saying that for businesses and citizens it is important.
He follows Shaktikanta Das, who served as the longest serving RBI governor and under whose watch the monetary policy committee, in its recent meeting, tweaked interest rates but cut cash liquidity conditions.
Malhotra is set to take over the position as RBI Governor the 26th from RBI Governor Raghuram Rajan, and his three years in office will be characterized by balance between continuity and adaptability for an institution that remains both a pillar of trust and stability.
