Sanjay Malhotra is the new Governor of RBI. Sanjay Malhotra is about to take over as the Governor of India’s central bank at a time when the RBI is faced with the question of whether to focus more on inflation or to cut interest rates to revive the sluggish economy.
Over the past month, Finance Minister Nirmala Sitharaman, Commerce and Industry Minister Piyush Goyal, and Petroleum Minister Hardeep Singh Puri have demanded a reduction in interest rates. The way the economic growth rate has declined in the second quarter has intensified the demand for cheaper loans to boost economic growth. The monetary policy review committee, chaired by RBI Governor Shaktikanta Das, decided last Friday to keep interest rates unchanged for the 11th consecutive time.
A decision will also have to be made on digital currency
During the tenure of RBI Governor Sanjay Malhotra, several important decisions are expected. These include issues such as cryptocurrency, the use of technologies like artificial intelligence and machine learning in the banking sector, and the expansion of digital currency. The RBI has initiated internal discussions on these issues. Nevertheless, controlling inflation will remain a key objective for the RBI.
1990 batch IAS officer is the new Governor
First of all, let’s talk about who is 56-year-old Sanjay Malhotra, the new Governor of RBI? Sanjay Malhotra, who is going to become the 26th RBI Governor, is a 1990 batch IAS officer of Rajasthan cadre and till now he was holding the post of Revenue Secretary. In the budget process of the Modi government, the responsibility of increasing tax revenue was on the shoulders of Sanjay Malhotra.
Sanjay Malhotra became the chairman and MD of REC Limited in November 2020. Prior to this, he was posted as Additional Secretary in the Ministry of Power. Sanjay Malhotra, who was the head of the Department of Financial Services (DFS) in 2022, was nominated by the central government as a director of the Reserve Bank of India (RBI). Explain that the functioning of the Reserve Bank is looked after by the Central Board of Directors, and in such a situation, Sanjay Malhotra has a long experience of this work, so he was at the forefront of the race for the Governor of RBI.
These challenges will be faced as soon as he becomes governor
Now let’s talk about how Sanjay Malhotra will be ahead as soon as he takes over as the Governor of the Reserve Bank. So let us know that at a time when the economic growth of the Indian economy is going to be sluggish, with inflation going above the fixed range, it will be the most important task for them to deal with this double challenge.
