Sanjay Malhotra has more than 3 decades of experience
Sanjay Malhotra: Shaktikanta Das stepped down on Tuesday after completing two consecutive terms as Governor of the Reserve Bank of India. After Shaktikanta Das stepped down from the post, Sanjay Malhotra has taken over as the 26th Governor of the Reserve Bank of India i.e. RBI from Wednesday, December 11. Sanjay Malhotra reached RBI Headquarters today, where he was welcomed by senior officials. After which Sanjay Malhotra took over the post of Governor of the Central Bank for the next 3 years. On this occasion, Deputy Governor Swaminathan J., M. Rajeshwar Rao and T. Rabi Shankar were also present along with Sanjay Malhotra.
Sanjay Malhotra has more than 3 decades of experience
Sanjay Malhotra, a 1990 batch IAS officer from Rajasthan, has more than three decades of experience in public policy across major sectors like power, finance and taxation. However, Sanjay Malhotra is holding the post of RBI Governor at a time when the country is facing inflation as well as a sluggish economy.
GDP growth rate slowed down in the second quarter
Let us tell you that the country’s GDP growth rate declined to 5.4 percent in the July-September quarter, which is the lowest level in 7 quarters. Not only this, the retail inflation rate has also increased to 14 months’ highest level of 6.21 percent in October. Experts believe that the possibility of cutting interest rates has become stronger in the Monetary Policy Committee meeting of RBI to be held in February next year under the leadership of Sanjay Malhotra.
There has been no change in repo rate for almost two years
Shaktikanta Das did not make any change in the repo rate for almost two years while he was the Governor of RBI. To keep inflation under control, Shaktikanta Das was not changing the repo rate. The government has given a target to RBI to keep the CPI based inflation rate within 4 percent with a fluctuation of 2 percent. However, it is believed that in view of the growth of GDP, despite inflation, the repo rate will be cut in the next meeting.
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