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Will work to understand all perspectives, do what's best: Sanjay Malhotra

Revenue Secretary Sanjay Malhotra on Tuesday said he will work to understand all perspectives and do what is best for the economy after he takes charge as the RBI Governor on December 11. Responding to reporters' queries outside the finance ministry, Malhotra said, "One has to understand the turf, all perspectives and do what's best for the economy." Malhotra, 56, who is currently the Revenue Secretary in the Ministry of Finance, was on Monday evening named by the government to succeed Shaktikanta Das as the governor of the central bank. A 1990-batch IAS officer of the Rajasthan cadre, Malhotra, has more than three decades of experience in public policy with expertise in areas like power, finance, and taxation. He takes guard at a time when the Indian economy is faced with the dual challenge of slowing growth rate and high inflation. While Das kept benchmark interest rates unchanged for almost two years in a bid to control inflation, the incoming governor is said to be a team play

RBI governors keep in mind requirements of the wider economy as well: Das

Outgoing RBI Governor Shaktikanta Das reflects on six years at the helm as Sanjay Malhotra prepares to take over

Economists react to India's new central bank chief announcement

With a new governor at the helm of the Reserve Bank of India (RBI) and a deputy governor retiring next month, the RBI's monetary policy committee (MPC) will have a new look

'Did a good job': KV Kamath lauds Das, backs Sanjay Malhotra for RBI role

KV Kamath commends outgoing RBI Governor Shaktikanta Das for his leadership and expresses confidence in Sanjay Malhotra's capabilities as the new RBI Governor

Still holding Rs 2,000 notes? Here's how to exchange or deposit them

98.08% of Rs 2,000 notes have been returned, but the remaining ones are still legal tender. Here's how to manage them before the window closes

Investors urge RBI to let state govt debt be sold as zero-coupon bonds

Allowing state notes to be turned into so-called strip bonds would give investors an extra spread of 30-to-40 basis points over comparable federal securities, one of the people said

Money matters: States' pension bill growth slowed in FY23, says RBI report

Previously, the pension bill has increased by 13.4 per cent in FY22

Shaktikanta Das: More hits than misses in six-year tenure as RBI governor

RBI became stronger, surer under Shaktikanta Das

New RBI Gov Sanjay Malhotra, Vikram Misri visits Dhaka, Paytm shares & more

Sanjay Malhotra, the current Revenue Secretary in the Finance Ministry has been appointed as the 26th Governor of the RBI for a term of three years, and will be taking charge starting Wednesday.

Shaktikanta Das: The man behind GST, note ban, Covid monetary response

Shaktikanta Das, who will demit office as the Governor of the Reserve Bank of India on Tuesday, was the key man behind the planning and execution of the demonetisation drive and rollout of the landmark Goods and Services Tax (GST). At the RBI, he steered India's monetary policy response during the challenging period of the pandemic. Das, 67, a career bureaucrat, was put into the high job of the RBI Governor when Urjit Patel abruptly resigned in December 2018. His second three-year term comes to an end on December 10 and will be replaced by Sanjay Malhotra, Revenue Secretary in the Union Ministry of Finance. A 1980-batch Tamil Nadu cadre IAS officer, Das, who holds a master's degree in history from Delhi's St Stephen's College and a postgraduate degree in public administration from the University of Birmingham, was economic affairs secretary when the government suddenly scrapped high-value currency notes in November 2016. While the government justified the move as aiming at curbing .

Sanjay Malhotra to be next RBI governor, to succeed Shaktikanta Das

Sanjay Malhotra, a 1990 batch IAS officer from the Rajasthan cadre, will take over from Shaktikanta Das, whose term comes to an end on December 10

RBI Governor Shaktikanta Das to demit office on Tuesday after 6 years

Shaktikanta Das will demit the office on Tuesday after completing six years as the 25th Governor of the Reserve Bank of India. Revenue Secretary Sanjay Malhotra will replace him as the 26th Governor. He was appointed as the Governor on December 12, 2018, after the abrupt exit of Urjit Patel. Das has been twice ranked as the top central banker by the US-based Global Finance magazine. He chaired his last meeting of the rate-setting panel -- Monetary Policy Committee (MPC) -- last week. "In the last few years, we have traversed one of the most difficult periods in the history of the Indian economy, and perhaps, in the global economy also. It was a period of relentless turbulence and jolts. "As a country, we can derive satisfaction that the Indian economy has not just navigated this period of trials successfully but also emerged stronger. As we strive together towards making India a developed economy, I recall what I had said in my statement of February 8, 2023, wherein I had quoted

Explained: RBI is using an AI tool MuleHunter.ai to cut down digital frauds

A mule account is a bank account used by criminals to launder illicit funds, often set up by unsuspecting individuals lured by promises of easy money or coerced into participation.

RBI Guv Das meets FM Sitharaman two days before end of his extended term

A day after presenting bi-monthly monetary policy, Reserve Bank Governor Shaktikanta Das on Saturday met Finance Minister Nirmala Sitharaman. The meeting comes just ahead of the extended term of incumbent RBI Governor coming to an end. Das's three-year extended term comes to an end on December 10. In 2021, the government had announced a three-year extension to Das's tenure, a month before his term came to an end. According to sources, Das called on the Finance Minister in the evening here. The career bureaucrat-turned-central banker, Das, was appointed the 25th RBI Governor on December 12, 2018, after the abrupt exit of Urjit Patel. With the three-year-extension granted to Das, he is already one of the longest serving RBI governors in its 90-year history. The RBI had on Friday opted for a status quo on the rates for the 11th consecutive time, amid growing calls to address the slowdown in GDP growth in the September quarter at 5.4 per cent. Das, while unveiling bi-monthly policy,

MFI stress not a big concern at a system level, says Swaminathan J

The apex bank has asked lenders to strengthen their underwriting standards and collection efforts to limit the conversion of stress into Non-Performing Assets (NPAs)

RBI asks banks to collaborate with MuleHunter.AI to find mule accounts

The RBI on Friday asked banks to collaborate with its initiative MuleHunter.AI to weed out mule accounts which are used to commit financial fraud. A mule account is a bank account used by criminals to launder illicit funds, often set up by unsuspecting individuals lured by promises of easy money or coerced into participation. The transfer of funds through these highly interconnected accounts makes it difficult to trace and recover the funds. "Use of money mule accounts is a common method adopted by fraudsters to channel proceeds of frauds," Reserve Bank of India (RBI) Governor Shaktikanta Das said. Unveiling the December 2024 monetary policy, he said the RBI is currently running a hackathon on the theme 'Zero Financial Frauds' which includes a specific problem statement on mule accounts, to encourage development of innovative solutions to contain the use of mule accounts. Another initiative in this direction is the AI/ ML-based model called MuleHunter.AI, piloted by Reserve Bank ..

Monetary policy review: RBI keeps rates unchanged, cuts CRR by 50 bps to 4%

Maintains neutral stance; sets stage for Feb rate action

Monetary policy: Rupee reverses initial gains on concern over RBI moves

Bond yield hardens on rate status quo

Monetary policy review: A cautiously dovish, par-for-the-course policy

In his interaction with the media, Das described the CRR cut as "normalisation" of its level. It was raised to 4.5 per cent in April 2022 when the last policy-tightening cycle started

The underlying slowdown in growth is due to inflation: RBI Governor Das

Its better we stick to monetary policy, says RBI governor Shaktikanta Das