RBI-Bankers' Meet
RBI Governor Malhotra likely to meet PSU, pvt bankers Thursday, says source
This story was originally published at 18:36 IST on 13 January 2025
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NEW DELHI – Reserve Bank of India Governor Sanjay Malhotra will likely hold his first formal meeting with managing directors and chief executive officers of public and private sector banks on Thursday, a person aware of the development said. "This is a usual practise... the new governor typically holds a formal meeting with the banking executives," the official told Informist on the condition of anonymity.
The meeting, to be held in the central bank's headquarters in Mumbai, is less than a month ahead of the first Monetary Policy Committee meeting under Malhotra from Feb. 5 to Feb. 7. Malhotra, a career bureaucrat, was appointed as RBI governor on Dec. 9, succeeding Shaktikanta Das. He last served as the revenue secretary in the Ministry of Finance, prior to which he was the secretary in the Department of Financial Services.
Malhotra took over as RBI governor amid rising pressure to reduce interest rates, with GDP growth projected to slow down to a four-year low of 6.4% in 2024-25 (Apr-Mar), 20 basis points lower than the central bank's forecast. At the last meeting on Dec. 6, the RBI's rate-setting panel kept the policy repo rate unchanged at 6.50% and stuck to the neutral policy stance in order "to remain unambiguously focused on a durable alignment of inflation with the target, while supporting growth."
The central bank remains focused on supporting higher growth while preserving financial and systemic stability, Malhotra said in his foreword in the December edition of the RBI's Financial Stability Report released on Dec. 30.
Data released Monday showed India's CPI inflation moderated to a four-month low of 5.22% in December from 5.48% a month before. End
Reported by Priyasmita Dutta
Edited by Saji George Titus
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