Sanjay Malhotra promises to uphold RBI's legacy

Sanjay Malhotra has assumed office as the new RBI governor today, stepping into a pivotal role that demands addressing the nation's financial health and managing key indicators of India’s banking and monetary systems.

Addressing a press conference on his first day, Malhotra said, “It's my first day and…it is a huge responsibility as you (have) the various tasks, functions that have been entrusted to this central bank, including the monetary policy, the foreign exchange reserves management, the currency control, the payment systems. So, I will continue to uphold the legacy and take it forward.”

“I am aware that the RBI in its 90th year has given to itself the theme of stability, trust and growth. All these 3, I think, are very apt pillars on which to work,” Malhotra said.

He said that during his tenure as the revenue secretary, his focus aligned with these pillars, emphasising stability and continuity in policy.

Echoing the sentiments of outgoing governor Shaktikanta Das, who emphasised the need for policies to remain relevant amid geopolitical tensions and cybersecurity challenges, Malhotra underscored the importance of addressing these issues while continuing to prioritise financial inclusion. 

Malhotra, a computer science engineering graduate from the Indian Institute of Technology, Kanpur, stated that his primary focus would be on integrating and revitalising the system through advanced technology.

“Another key pillar which I have always been following and supporting from day one since I entered my service and being an engineer myself is to use technology…how we can further use technology to reduce costs to make financial inclusion…more accessible…and all-pervasive,” Malhotra added.

“I can all assure you that we will put in the best foot forward in the public interest to deliver what the public of India looks forward to, which is trust, growth, and a stable and certain policy,” Malhotra said.

Malhotra did not take any questions during his maiden press conference as the 26th RBI governor.