Technology, Stability, Policy Continuity Key, Says New RBI Governor Malhotra
In his first press meet as the new RBI Governor, Malhotra highlighted the importance of technology, stability, and policy continuity, building on RBI 90-year legacy of trust and growth.
Among focusing on stability and growth, another key pillar that the Reserve Bank of India will focus on will be technology, said Governor Sanjay Malhotra at his first press meet on Wednesday.
"The central bank has made a big contribution with regards to UPI not only in India but also internationally. Need to see how we can further use technology for reducing costs to make financial inclusion more accessible and pervasive," Malhotra said.
Having a technology background, he said that innovation will be key and will have to be fostered.
"We will also have to be cautious of the risks that may entail and put requisite guardrails without killing innovation," he said.
He also said that the decisions taken by the central bank will have public interest in mind.
"While stability, as I mentioned, is important, as the world is changing, we have to be conscious, alert, and agile to meet these challenges as we maintain this policy continuity," he said.
He also stressed that there is more to be done on financial inclusion and said that the RBI will continue to collaborate with stakeholders, state, and central governments.
Stability, trust, and growth have been the theme of the RBI for its 90th year and are important in ensuring stability in policy. He said that he will continue to uphold this principle of stability as he did in his previous role.
On Monday, the government appointed Malhotra, secretary (Revenue) in the Ministry of Finance, as the next RBI governor. He has replaced Shaktikanta Das, who ended his six-year term on Tuesday.
He is the latest ministry official to steer RBI after YV Reddy, D Subbarao, and Bimal Jalan.
Malhotra, a 1990 batch Indian Administrative Service officer from the Rajasthan cadre, is an engineering graduate in computer science from the Indian Institute of Technology, Kanpur, and holds a master's in public policy from Princeton University, USA.
With over 33 years of experience, Malhotra has worked across various sectors, including power, finance, taxation, information technology, and mining. He is currently serving as Secretary (Revenue) in the Ministry of Finance. Previously, he was Secretary in the Department of Financial Services, Ministry of Finance, Government of India.
