Shaktikanta Das News

Subscribe to enjoy similar stories. When Sanjay Malhotra became the 26th governor of the Reserve Bank of India (RBI) a year ago, he didn’t inherit a crisis—in fact, the period of high inflation was drawing to a close. He did, however, assume office at a time when the entire world was gripped by uncertainty.

Reserve Bank of India's rate-setting panel on Friday pegged India’s FY26 GDP growth at about 6.7%, Governor Sanjay Malhotra announced.

interest rate cut in his first policy meeting, shifting the focus to boosting economic growth as global risks escalate.

Subscribe to enjoy similar stories. Tight liquidity will not bind the Reserve Bank of India’s (RBI) hands in intervening to curb excessive rupee volatility in the forex market, said a senior official aware of the thinking at the central bank. "Liquidity will be managed and so will excessive currency volatility," he said.

Subscribe to enjoy similar stories. The remarkable insights into the changing pattern of household consumption thrown up by the latest Household Consumption Expenditure Survey (HCES) 2023-24 are of special relevance for a wide range of policy decisions. Take, for instance, an issue that seemed to have become a bone of contention between the government and the Reserve Bank of India (RBI): the role and relevance of food inflation in computing consumer-price inflation and hence in formulating monetary policy.

RBI under former governor Shaktikanta Das resisted pressures to cut interest rates through 2024 as it kept its 'Arjuna's eye' trained on inflation, but the central bank under a new detail-oriented head will soon have to take a call if it can continue sacrificing growth. Das, a career bureaucrat who in 2016 oversaw Prime Minister Narendra Modi's highly disruptive demonetisation move, left a lasting legacy as he demitted office towards the end of 2024 after expertly navigating monetary policy for six years, the highlight of which was steering India's recovery through the pandemic. Sanjay Malhotra, another civil servant, was named as Das' successor barely 24-hour before the latter's second three-year term came to an end.

inflation, especially in food items, dominated the discussions of the early December monetary policy review where two members voted for a rate cut, showed the minutes of the deliberations published Friday. The rate-setting panel, chaired by the then central bank governor Shaktikanta Das, kept policy rates unchanged amid demand for a reduction from two external members. Ram Singh and Nagesh Kumar — the two dissenting voices — cited the slowest growth in seven quarters in the three months to September, a 60 basis-point reduction in the FY growth projections, and low core inflation as factors having influenced their vote in favour of a quarter percentage point rate cut, showed the minutes.

Sanjay Malhotra, a career civil servant, has become India’s new central bank governor at a time when the country’s economic growth is slowing and inflation is surging

Reserve Bank of India governor during his first press conference on Wednesday emphasized the need to remain alert and agile in a constantly changing world marked by geopolitical tensions. Malhotra assumed office as the 26th Governor of the Reserve Bank of India earlier today, succeeding his role as the former Revenue Secretary. He will serve a three-year term as the head of India's central bank. Malhotra succeeds Shaktikanta Das who completed his term as the RBI chief on Tuesday.

Reserve Bank of India (RBI), its outgoing governor Shaktikanta Das said Tuesday, while underscoring the 'excellent' rapport between the Centre and its money manager and alignment of objectives. Sanjay Malhotra, revenue secretary in the finance ministry, takes charge as the 26th governor Wednesday. «Restoring the inflation-growth (balance) is the most important task ahead for the RBI,» Das said in his last interaction with the media as the 25th governor of the nine-decade-old central bank. «I am sure Team RBI, under the leadership of the new governor, will take it forward,» said Das, who has had the longest tenure as Mint Road boss after India began unshackling its economy in 1991. As Das completes his second three-year term, India's consumer inflation gauge has touched a 14-month high of 6.2% in October. Murmurs are increasingly audible within the all-powerful rate-setting panel, too, for a cut in policy rates after the pace of economic growth unexpectedly slumped to a seven-quarter low of 5.4% in the three months to September.

RBI since Chakravarthy Rangarajan had to firefight from day one. Sanjay Malhotra may be an exception. As Malhotra walks into Mint Street as the 26th guv, he doesn't face challenges like his predecessors did — a currency crisis, or a ruptured relationship with GoI. Instead, what lies before him are a stable economy that requires some fuel, a fit banking system that's looking to fly, and a financial market that's impatient to grow. After deft handling of the Covid crisis, surge in money supply led to spiralling of prices, forcing it to raise interest rates. But the dual mandate of growth and inflation needs MPC to consider lowering policy rates, as there are signs of inflation cooling and also because of the negative impact of high real interest rates. Malhotra has the ground laid out by the departing Shaktikanta Das, who has signalled that the next move could be a cut in rates. That the two external members of MPC have already voted for a reduction could make his job easier. While monetary policy and interest rates may keep RBI in limelight, its full-service nature — by which it regulates banking, NBFCs and currency markets — has even broader implications for the economy.

Subscribe to enjoy similar stories. The war on inflation has a new general leading the charge, as India's top revenue officer Sanjay Malhotra moves from North Block to Mint Road. On Monday, the Union cabinet's appointments committee named the 1990 batch IAS officer to lead the Reserve Bank of India, a day before governor Shaktikanta Das leaves at the end of six years at its helm.

Shaktikanta Das concludes his tenure as the 25th Governor of the Reserve Bank of India (RBI), he leaves behind a legacy characterised by deft crisis management, steady policymaking, and an unflinching focus on India’s economic stability. Appointed in December 2018, Das took charge of the central bank at a critical juncture, navigating challenges ranging from the aftermath of demonetisation to a global pandemic that upended economies worldwide. He is set to demit office on December 10, 2024 as Sanjay Malhotra is set to succeed him as the 26th RBI boss on December 11, 2024 for a period of three years.

Sanjay Malhotra on Monday was appointed as the 26th Governor of the Reserve Bank of India as current Governor Shaktikanta Das' term ends on Tuesday. Malhotra, a 1990 Batch Rajasthan Cadre IAS Officer, will assume office on December 11, 2024 for a period of three years, the appointment committee of the cabinet said in a notification. His appointment comes at a critical juncture as the RBI battles challenges like inflation control and slowing down of economic growth.

RBI) will have to infuse more liquidity into the banking system through additional measures as the expected impact of the 50-basis-point cash reserve ratio (CRR) cut announced Friday will likely wane within a few months, economists said. The central bank will likely use other liquidity instruments, like open market operations (purchases), foreign exchange swaps, and long-term variable rate repo auctions (VRR), they said. The RBI in its policy statement on Friday said that it will continue to be 'nimble and proactive' in its liquidity management operations to ensure that money market interest rates evolve in an orderly manner. Speaking to the media soon after announcing the policy, Governor Shaktikanta Das declined to give more details on the likely liquidity operations by the RBI.

Subscribe to enjoy similar stories. There’s something about the Reserve Bank of India’s (RBI) Monetary Policy Committee (MPC) meetings that makes these the cynosure of all eyes.

Reserve Bank of India's (RBI) first cut in the cash reserve ratio (CRR) since March 2020 is likely to provide much needed liquidity to the banking system, cooling off bulk deposit rates and lift core profitability of lenders by up to 5 basis points, bankers said. One basis point is a hundredth of a percentage point.

FY25 GDP growth forecast to 6.6 per cent from 7.2 per cent, Governor Shaktikanta Das announced on Friday. Q3FY25 GDP growth forecast was reduced to 6.8% from 7.4%, Q4 growth target was lowered to 7.2% from 7.4%, and Q1FY26 was also revised to 6.9% from 7.3%. ALSO READ: RBI Policy Meeting GDP Forecast: Das & Co cut India’s FY25 growth aim to 6.6% from 7.2%

RBI Monetary Policy Meeting LIVE: The Reserve Bank of India’s (RBI) is set to announce its fifth monetary policy of FY25 later today, December 6. The three-day policy review meeting of the six-member Monetary Policy Committee (MPC) led by RBI Governor Shaktikanta Das concludes today and the interest rate decision will be announced at 10:00 AM.

Shaktikanta Das, who was hospitalised at a private hospital in Chennai last night following acidity-related complaints, was discharged on Tuesday. Das is doing fine and has been discharged from the hospital, said an RBI spokesperson. The RBI Governor experienced acidity-related issues on Monday night and was admitted to hospital for observation,' Apollo Hospitals, Chennai, said in a health bulletin issued earlier in the day. There was no cause for concern, the bulletin added.

Reserve Bank of India’s gold purchases has helped the central bank to hold up foreign exchange reserves amidst a huge pullout by foreign portfolio investors that saw reserves contracting by $47 billion in five weeks. While the value of foreign currency assets dipped $1.1 billion on an incremental basis since the beginning of the fiscal 2024-25 upto November 15, value of gold in reserves rose $13 billion in the same period and help shore up overall foreign exchange reserves by $11 billion, the latest Reserve Bank of India data shows. Reserves including gold, foreign currency assets and SDR are now at $ 658 billion. The central bank added 44.76 tonnes to its stock of gold between March 29 and October 25 this year, ramping up gold stocks from 822.09 tonnes to 866.65 tonnes during the period according to the latest Reserve Bank of India data.