Mumbai (11.12.2014):Sanjay Malhotra (IAS: 1990: RJ) on Wednesday took charge as the 26th Governor of the Reserve Bank of India in the presence of senior RBI staffers at the central bank's headquarter. Malhotra, who recently served as the Revenue Secretary, signed the documents to take the charge of the important institution that performs a variety of roles. Deputy Governors Swaminathan J, M Rajeshwar Rao, and T Rabi Sankar were present on the occasion.
Malhotra has joined RBI as its Governor at a very critical juncture, where growth and inflation balance has "unsettled" as per his predecessor Shaktikanta Das. GDP Growth declined to a seven-quarter low of 5.4 per cent in the September quarter while the October headline inflation was above the 6 per cent mark set for the central bank by the government.
It is expected that the RBI may cut interest rates at the forthcoming policy review in February, and are of the opinion that Malhotra's appointment "cements" the possibility. Under Das, the Reserve Bank maintained a status quo on key rates for 11 consecutive meetings over nearly two years as it prioritised to tame inflation. It also diagnosed the slow growth as a result of high inflation.
Sanjay Malhotra takes over as 26th Governor of RBI
By IndianMandarins - 2024-12-11 20:13:00
Mumbai (11.12.2014):Sanjay Malhotra (IAS: 1990: RJ) on Wednesday took charge as the 26th Governor of the Reserve Bank of India in the presence of senior RBI staffers at the central bank's headquarter. Malhotra, who recently served as the Revenue Secretary, signed the documents to take the charge of the important institution that performs a variety of roles. Deputy Governors Swaminathan J, M Rajeshwar Rao, and T Rabi Sankar were present on the occasion.
Malhotra has joined RBI as its Governor at a very critical juncture, where growth and inflation balance has "unsettled" as per his predecessor Shaktikanta Das. GDP Growth declined to a seven-quarter low of 5.4 per cent in the September quarter while the October headline inflation was above the 6 per cent mark set for the central bank by the government.
It is expected that the RBI may cut interest rates at the forthcoming policy review in February, and are of the opinion that Malhotra's appointment "cements" the possibility. Under Das, the Reserve Bank maintained a status quo on key rates for 11 consecutive meetings over nearly two years as it prioritised to tame inflation. It also diagnosed the slow growth as a result of high inflation.
