New RBI Governor Seeks 'Culture Of Perfection' At Central Bank — Profit Exclusive

New Reserve Bank of India Governor, Sanjay Malhotra, has asked staff at the central bank to strive for a culture of perfection, according to people in the know.

In his first address to the staff after taking over as the chief of the regulator, Malhotra told members that perfection has to become a habit. According to the people quoted above, the new RBI Governor told members of the RBI staff that all departments starting from housekeeping to those involved in complex work such as policy making must focus on doing their job perfectly well.

Malhotra, who addressed RBI staff for the first time last week, also said that he believes in participative decision-making and will strive to maintain an open-door policy. However, he expects the staff to bring in 100% commitment to their workplace.

He congratulated all members of the RBI workforce on ensuring that the banking regulator is recognised to be an efficient institution domestically and internationally. In his speech, he said that everyone at RBI must maintain an open mind and grasp knowledge from all possible quarters.

Malhotra also asked RBI officials to take decisions quickly, adding that a delayed decision is worse than a bad one. As long as bonafide decisions are taken with the right intention, Malhotra said, he will always stand by his staff.

In his maiden address, the new RBI Governor urged staff to not conform to the status quo and always question why things are done the way they are done. He also told the staff to always work toward improving the RBI.

The new RBI Governor also spoke about the need for using technology as a way to support India's economic progress. While he cited the success of unified payments interface, Malhotra said more such technological advancements are necessary.

Malhotra took over as RBI Governor on December 11, a day after Shaktikanta Das stepped down, completing his six year tenure. The former secretary of Department of Revenue, comes with nearly 35 years of experience at various levels of the state and central government machinery.

In his tenure at the Ministry of Finance, Malhotra has been closely involved in drafting tax policy and goods and service tax reforms. He has also served as India’s alternate governor in the World Bank, Asian Development Bank, New Development Bank, and Asian Infrastructure Investment Bank.