2 weeks Ago By CNBCTV18
Sanjay Malhotra, the newly appointed Governor of the Reserve Bank of India (RBI), emphasised the significance of "stability, trust, and growth" as the key pillars for policymakers to work on, days after the central bank kept its interest rates unchanged for the 11th consecutive time amid the persisting risks of high inflation. Share Market View All Nifty Gainers View All Company Value Change %Change In what was his first press conference after assuming office, the Revenue Secretary-turned RBI Governor said the central bank will uphold the principle of stability and continuity in monetary policy. Malhotra, a seasoned bureaucrat, has taken over from ex-RBI Governor Shaktikanta Das.
Speaking about his new role, Malhotra said, "This is my first stint here, and if I start playing my shots from Day 1, ball 1—it won’t be appropriate on my part." The Governor also acknowledged the immense responsibility that comes with heading such a prestigious institution, with a "huge" legacy. He said that he would uphold the legacy and carry it forward.
However, Malhotra acknowledged the need for adaptability in a rapidly changing world, noting, "While stability is important, we're also aware that we are in a constantly evolving, dynamic world. We have to be conscious of the fact that we have to be alert and agile to meet any challenges, while maintaining policy continuity." One of Malhotra's key priorities as Governor is financial inclusion.
The Governor called for collaboration between banks, financial institutions, and both state and central governments to ensure broader financial inclusion. "We are in a totally different world today than 30 years ago with respect to technology; RBI has also made a big contribution in this regard. How we use technology to reduce costs, make financial inclusion all-pervasive is a key theme we will work on," the Governor said.
At the same time, Malhotra cautioned that there are risks that come with technological advancements and emphasised the need for safeguards or "guardrails" in place while supporting innovation..
