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PremiumSanjay Malhotra RBI Governor Press Conference Highlights: Sanjay Malhotra, who was Revenue Secretary with the Finance Ministry, today (December 11) began his three-year term as the new Governor of the Reserve Bank of India (RBI). Malhotra addressed the media at 3 pm today.
The Appointments Committee of the Cabinet announced his assignment in an official notification on December 9. Former RBI Governor Shaktikanta Das' six-year term ended on December 10.
Malhotra is an IAS officer from the 1990 batch; he graduated in computer science from the Indian Institute of Technology (IIT), Kanpur, and completed his Master's in Public Policy from Princeton University, United States.
In his 33-year career, Malhotra has worked in finance, IT, power, finance, mines, and taxation, among other sectors. He last served the Indian government as Secretary of Revenue with the Ministry of Finance and has in-depth experience in finance and taxation at both State and central government levels.
The new RBI Governor, Sanjay Malhotra, will address a press conference at 3 pm today. Stay with Livemint for all the LIVE updates!
Underscoring the value of consultation in policy-making, he pledged to continue the RBI's practice of engaging with stakeholders. He added that the knowledge and expertise are not the monopoly of any one institution and consultation will remain a key pillar of our policymaking process.
'It is a huge responsibility', says new RBI Governor Sanjay Malhotra after assuming charge. New RBI Governor Sanjay Malhotra says all decisions will be taken with public interest in mind.
Malhotra pointed to India's success with the Unified Payments Interface (UPI) and its growing global recognition. "How we can further use technology to reduce costs and make financial inclusion more accessible and pervasive and innovation will be a key (priority)."
He also emphasized balancing innovation with necessary safeguards, stating, "Innovation will be key."
“I will try to ensure policy continuity and stability and gain the trust," says Sanjay Malhotra. New RBI Governor will continue to collaborate with formal financial inclusions. Malhotra, a senior bureaucrat with extensive experience in economic and financial matters, brings a wealth of knowledge to his new role.
"I will continue to uphold the legacy of the RBI…a 90-year old institution," says Sanjay Malhotra. “Will ensure the vision of Viksit Bharat".
‘’An honour and responsibility to head this prestigious institution," says Sanjay Malhotra
Sanjay Malhotra Press Conference Live: New Reserve Bank Governor Sanjay Malhotra will have to deal with inflation. Most importantly, he will have to tackle food prices, which have pushed India's headline inflation beyond the RBI monetary policy committee's (MPC) flexible target of 2 to 6 per cent.
In October, inflation as measured by the Consumer Price Index (CPI) was 6.21 per cent, an increase from its 5.49 per cent levels in September. Now the MPC expects retail inflation to soften to 4 per cent only by the September quarter of FY26.
Sanjay Malhotra Press Conference Live: The central bank today welcomed new Governor Sanjay Malhotra as he began his three-year term this morning.
Sanjay Malhotra Press Conference Live: The central bank in a post on social media platform X (formerly known as Twitter), said that Governor Sanjay Malhotra, will hold a press conference today, December 11, 2024, at 3:00 PM.
Sanjay Malhotra Press Conference Live: Good afternoon and welcome to Livemint's LIVE coverage of new RBI Governor Sanjay Malhotra's press conference scheduled at 3 pm today. Malhotra, who was Revenue Secretary with the Finance Ministry, began his three year term as the central bank chief today.
