Sanjay Malhotra takes charge as RBI governor, says bank will remain ‘alert and agile’

The former revenue secretary also said he was "conscious of the fact that we do maintain continuity and stability."

Published on: Dec 11, 2024, 17:17:08 IST

By HT News Desk, New Delhi

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Addressing his maiden press conference, Reserve Bank of India (RBI) governor Sanjay Malhotra on Wednesday emphasised on the need to remain “alert and agile” to face “challenges.”

Sanjay Malhotra, governor of the Reserve Bank of India (RBI), during a news conference in Mumbai, India, on Wednesday, Dec. 11, 2024.: (Dhiraj Singh/Bloomberg)

Also Read: Revenue secretary Sanjay Malhotra appointed as new RBI governor

Malhotra's statement came on a day when he took charge as the head of the central bank, succeeding Shaktikanta Das, whose term ended a day ago after a six years in the job, the second half of which was an extension.

Malhotra, the 26th governor of the central bank, said, “As we have to be conscious of the fact that we do maintain continuity and stability, we cannot be stuck to it. We have to be alert and agile to meet the challenges.”

Further, the ex-revenue secretary stressed the RBI will continue to interact with all segments, including financial regulators, states and the Centre.

Also Read: Sanjay Malhotra to command last leg of RBI’s war on inflation

“We do not have monopoly of all the knowledge,” Malhotra stated, adding that the central bank will make extensive use of technology for financial inclusion.

The RBI's new governor begins his tenure at a time when the country has recorded its lowest GDP growth in seven quarters, as the economy grew at only 5.4% during the July-September quarter of FY25.

Who is Sanjay Malhotra?

Malhotra is a 1990-batch bureaucrat of the Rajasthan cadre and has served as an officer in various sectors, including power, finance and taxation, information technology, mines, etc.

An engineering graduate from IIT Kanpur, the RBI governor was also the Chairman and Managing Director of the state-run Rural Electrification Corporation Limited.

Also Read: New RBI governor must keep macro picture in sight

Malhotra also served as the Secretary of the Department of Financial Services under the finance ministry.

(With PTI inputs)

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