During his six-year tenure, RBI Governor Shaktikanta Das successfully steered India's monetary policy through various challenges, including the COVID-19 pandemic. Through measures such as a loan moratorium, lowering of repo rates, and loan restructurings, Das helped revive the Indian economy. His leadership also saw significant progress in digital finance and inclusive digital payments, making strides towards financial inclusion. His strict regulatory measures improved the health of the Indian banking sector and lowered inflation levels, contributing to a stable economy.
After the completion of Shaktikanta Das's three-year term as RBI Governor, the Government of India has appointed Revenue Secretary Sanjay Malhotra as his successor. With over 33 years of experience in diverse sectors such as finance and taxation, Malhotra is well-equipped to lead India's central bank. His appointment follows Das's extension, who initially took office after the sudden resignation of Urjit Patel.
On December 9, 2024, the Reserve Bank of India (RBI) made a significant change to its leadership as it announced Sanjay Malhotra as the new governor. Known for his strong consensus-building skills, Malhotra's appointment has been well-received by experts. In the upcoming RBI policy meeting, Malhotra's plans for inflation and economic growth are highly anticipated. Even with elevated rates, Governor Das believes that they will not hinder economic growth. Experts believe that the latest RBI credit policy effectively balances the concerns of inflation and growth.
The Reserve Bank of India (RBI) has decided to keep the policy repo rate unchanged at 6.5% in its Monetary Policy Committee (MPC) meeting, as expected by markets and policy-watchers. The RBI Governor, Shaktikanta Das, announced that the decision was made by a 5 to 1 majority and that the central bank will remain focused on withdrawing accommodation to align inflation with the target. The RBI has projected consumer price index (CPI)-based retail inflation for the next financial year at 4.5%, while the Indian economy is expected to grow by 7% in the same period.