Overview

• Sanjay Malhotra, a career bureaucrat and former revenue secretary, has been appointed as the 26th Governor of the Reserve Bank of India for a three-year term.
• He succeeds Shaktikanta Das, who completed a six-year tenure marked by significant economic and monetary policy decisions.
• Malhotra steps into the role during a period of slowing GDP growth, which fell to 5.4% in the July-September quarter, the lowest in seven quarters, and rising inflation, which exceeded the RBI's tolerance band in October.
• At his first press conference, Malhotra emphasized the need for the central bank to remain 'alert and agile' while maintaining continuity and stability in monetary policy.
• The new governor highlighted plans to leverage technology for financial inclusion and committed to engaging closely with stakeholders, including financial regulators, states, and the central government.