Sanjay Malhotra Assures Continuity and Stability in RBI Policies
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Mumbai, Dec 11 (NationPress) The newly appointed RBI Governor Sanjay Malhotra stated on Wednesday that the central bank is dedicated to maintaining continuity and stability in its policy decisions, while also increasing the utilization of technology to foster financial inclusion.
During his inaugural press briefing since assuming leadership at the central bank, the IIT-Kanpur alumnus expressed his intention to enhance technological applications to lower costs and broaden access to financial services.
"Innovation will be crucial; however, we must remain vigilant regarding the risks it presents and implement necessary safeguards," he commented.
"I firmly believe that one of the central bank's most significant responsibilities is to promote financial inclusion. This is a substantial duty... we have made considerable progress in making banks accessible across the country, yet there is still much to accomplish," Malhotra stated.
Emphasizing the need for extensive consultations with various stakeholders, Malhotra remarked: "Every entity, including the RBI, needs to recognize that we do not possess exclusive knowledge. Consultation is a vital component of our policy formulation process."
He mentioned that the central bank would persist in engaging with all sectors, including financial regulators, state governments, and the central government, to uphold the Reserve Bank's legacy.
He underscored the necessity to remain alert and agile in light of the present uncertainties in the global economic and political landscape.
"While we must ensure continuity and stability, we cannot become complacent; we must stay alert and agile to tackle emerging challenges," Malhotra stated.
Malhotra, an IAS officer from the 1990 batch, previously served as Revenue Secretary in the Finance Ministry prior to his appointment as RBI Governor.
Taking office as the 26th Governor of the RBI, he is set to serve a three-year term at the helm of the central bank.
He is tasked with the challenge of maintaining a delicate balance between controlling inflation and fostering growth, alongside managing the rupee's depreciation against a strengthening US dollar.
A former Secretary in the Department of Financial Services, Malhotra played a pivotal role in executing LIC's record-breaking Rs 21,000 crore IPO and advancing reforms in public sector banking. An IIT engineer, he also holds a Master's in Public Policy from the esteemed Princeton University in the US.
