'Change Is The Only Constant...' New RBI Governor Sanjay Malhotra Bats For Policy Continuity

In his first address as the 26th Governor of the Reserve Bank of India ( RBI ), Sanjay Malhotra highlighted the crucial themes of Stability, Trust, and Growth in realizing the vision of a Viksit Bharat (Developed India). He emphasised that ensuring the continuity of growth is a massive responsibility, especially in the current global context marked by geopolitical tensions, climate change, and political uncertainty.

Malhotra stressed the importance of policy stability, particularly in maintaining continuity. He noted that consistency in policy is essential for fostering trust among the people, and this trust is fundamental for the sustained growth of the economy. “Stability in policy is very, very important,” he said, underlining that the people of India need assurance that long-term policies will be maintained for economic progress.

Acknowledging the complexities of the global scenerio, Malhotra emphasized the dynamic nature of the world, where geopolitical tensions and climate challenges impact economies. As central bank governor, he stated that one of his key roles will be to collaborate effectively with all stakeholders, including the central government and state governments, to navigate these challenges.

He also highlighted the importance of leveraging technology and financial inclusion to make banking and financial services more accessible to all. With the increasing role of digital advancements in the economy, Malhotra noted that the RBI’s focus will be on ensuring these tools are used to foster inclusive growth.

Malhotra’s address reflected a commitment to strengthening India's economic foundations while navigating a rapidly changing world. His vision for the RBI's future stresses collaboration, policy continuity, and the effective use of technology to support India's financial and economic development.
 
“I will try to ensure policy continuity and stability and gain the trust," says Sanjay Malhotra. The new RBI Governor will continue to collaborate with formal financial inclusions. Malhotra also added, “I will continue to uphold the legacy of the RBI…a 90-year-old institution." He also went on to add that it's an honour and responsibility to head the prestigious institution of RBI.

‘’An honour and responsibility to head this prestigious institution," says Sanjay Malhotra

The 26th RBI governor also clarified that he does not intend to make any statements about this August institution of RBI.