The Indian government has appointed Sanjay Malhotra as the new governor of the Reserve Bank of India (NS:BOI) (RBI).
The announcement made on Monday concludes the period of speculation regarding the next head of the central bank in India, which is currently the fastest-growing major economy in the world.
Malhotra, who is presently the revenue secretary at the Ministry of Finance, will assume his new role at the RBI for a three-year term starting from December 11. His appointment comes as the central bank faces critical decisions amidst economic challenges.
India’s economic growth has decelerated to a seven-quarter low of 5.4% in the July-September period, prompting calls for the RBI to lower interest rates to stimulate growth.
Taking over from Shaktikanta Das, who has led the RBI since 2018, Malhotra brings over 30 years of experience in public policy to the position. During Das’s tenure, the RBI maintained steady interest rates for nearly two years, prioritizing the management of inflation risks.
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