Sanjay Malhotra appointed as new governor of Reserve Bank of India

Sanjay Malhotra has been appointed as the new governor of the Reserve Bank of India, succeeding Shaktikanta Das. Malhotra, currently the Revenue Secretary, will take office on December 11, 2024, amid concerns over India's slowing economic growth and rising inflation. Malhotra's appointment comes as the Monetary Policy Committee faces pressure to consider a rate cut after maintaining the policy rate at 6.50% for eleven consecutive meetings. India's GDP growth has dropped to 5.4%, the lowest in seven quarters, raising expectations for policy changes. Malhotra, an IIT Kanpur graduate with extensive experience in finance and taxation, will address challenges such as inflation targets and economic growth. His predecessor, Das, leaves behind a complex economic landscape marked by high inflation and a weakening currency.