Any Message To New RBI Governor Sanjay Malhotra? Shaktikanta Das Responds

As Shaktikanta Das demits office as the 25th Governor of the Reserve Bank of India ( RBI ) on Tuesday, he leaves behind a legacy of transformation and innovation.

Reflecting on his six-year tenure during his farewell press conference, Das extended his best wishes to his successor, Revenue Secretary Sanjay Malhotra, who will assume the role of the 26th RBI Governor.

“From my side, all my best wishes to my successor for the 26th Governor of the Reserve Bank. Sanjay Malhotra is a person with vast experience, and I am sure he will do his best,” Das said. When asked if he had any “mantra” for Malhotra, Das added, “What I will tell Sanjay should remain between him and I.”

Unfinished Agenda for the New Governor
Das highlighted six critical areas that Malhotra should focus on during his tenure. We have given a lot of attention to cybersecurity. That is a continuing task and will remain a challenge for every central bank, including the RBI, he mentioned in the press conference. 

Technology remains a cornerstone of Das’s legacy. He emphasized the importance of harnessing new technologies, including the Central Bank Digital Currency (CBDC), which he described as the "future of currency."

Additionally, the Unified Payments Interface (UPI), globally recognized as a pioneering payment system, continues to require innovative developments.

Looking ahead, Das expressed his hopes for a nationwide rollout of the Unified Lending Interface (ULI), calling it “transformational in credit delivery to the bottom of the pyramid.”

Das credited the RBI's achievements to its highly skilled team. “RBI is a great institution with a great legacy. Its officials have a high level of knowledge, core competence, and professionalism,” he said, reflecting on his tenure's collaborative approach.