Sanjay Malhotra appointed new governor of India's central bank

By Tuba Ongun

ANKARA (AA) – India has appointed Sanjay Malhotra, the current Revenue Secretary, as the new governor of the Reserve Bank of India (RBI) for a three-year term, starting Wednesday.

Malhotra, a seasoned bureaucrat with over 30 years of experience in public policy, will succeed Shaktikanta Das, who has led the central bank since 2018.

Malhotra takes charge at a critical juncture for India’s economy, which has been facing challenges. Economic growth slowed to 5.4% in the third quarter of this year, down from 6.7% in the previous quarter, while consumer inflation surged to a 14-month high of 6.21% in October, surpassing the RBI’s target of 4%.

Last week, the RBI kept its benchmark interest rate at 6.5% for the 11th consecutive meeting, maintaining a neutral policy stance amid the slowdown in economic growth.

Malhotra’s appointment comes at a time of increasing calls for a recalibration of monetary policy to stimulate growth while containing inflation. His leadership will be pivotal in guiding the world’s fastest-growing major economy through these challenges.