Sanjay Malhotra takes charge as RBI governor, to address media at 1500 IST
This story was originally published at 13:21 IST on 11 December 2024
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--Sanjay Malhotra takes charge as 26th governor of RBI
--RBI Governor Sanjay Malhotra to hold press conference at 1500 IST
NEW DELHI – Sanjay Malhotra took charge as the 26th governor of the Reserve Bank of India Wednesday and will hold a press conference at 1500 IST. The former revenue secretary succeeds Shaktikanta Das as the chief of India's central bank.
Malhotra's press conference comes a day after Das addressed the media on his last day as governor. At the briefing, Das said he was confident Malhotra, who was named governor on Monday for three years, "will do his best" and wished him the best. According to Das, restoring the balance between inflation and growth is the most important task facing the central bank and he said he was sure that "Team RBI under the leadership of the new governor will take it forward".
Das' six-year governorship of the RBI ended amid rising pressure on the central bank's Monetary Policy Committee to reduce interest rates, with GDP growth having slid to a seven-quarter low of 5.4% in Jul-Sept while headline retail inflation was above the 6% upper-bound of the flexible inflation target. While the RBI on Dec. 6 cut its GDP growth forecast for 2024-25 (Apr-Mar) by 60 basis points to 6.6%, Das Tuesday said the Indian economy is "resilient and robust, with the capacity to deal with global spillovers very effectively".
The MPC is scheduled to next meet Feb. 5-7, just days after Finance Minister Nirmala Sitharaman presents the Union Budget for 2025-26 (Apr-Mar) in Parliament. End
IST, or Indian Standard Time, is five-and-a-half hours ahead of GMT
Reported by Siddharth Upasani
Edited by Akul Nishant Akhoury
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