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INDIA: Finance Ministry Official Malhotra Appointed to Head RBI

INDIA
IndiaEM BulletBulletAPACEmerging Market News
  • "*INDIA APPOINTS SANJAY MALHOTRA AS RBI GOVERNOR" (BBG)
  • The news of Malhotra’s appointment provides some clarity for markets which had been speculating who would lead the RBI board going forward. Malhotra currently serves as the revenue secretary at the Ministry of Finance, and they will take charge for a three-year term from Dec. 11, a statement from the government said on Monday.
  • With over three decades of experience in public policy, Malhotra will replace Shaktikanta Das who has been at the helm of the RBI since 2018.
  • As a reminder, last week the RBI finally succumbed to the data and revised its growth forecast from 7.2% to 6.6% whilst indicating that adverse weather events and geopolitical uncertainty is likely to keep inflation higher than expected.
  • The RBI cut the Cash Reserve Ratio for banks by 50bps, thereby supporting liquidity in the system which has fallen dramatically during the recent period of FX volatility.
  • Governor Das noted that "MPC believes only with durable price stability can strong foundations be secured for high growth."
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  • "*INDIA APPOINTS SANJAY MALHOTRA AS RBI GOVERNOR" (BBG)
  • The news of Malhotra’s appointment provides some clarity for markets which had been speculating who would lead the RBI board going forward. Malhotra currently serves as the revenue secretary at the Ministry of Finance, and they will take charge for a three-year term from Dec. 11, a statement from the government said on Monday.
  • With over three decades of experience in public policy, Malhotra will replace Shaktikanta Das who has been at the helm of the RBI since 2018.
  • As a reminder, last week the RBI finally succumbed to the data and revised its growth forecast from 7.2% to 6.6% whilst indicating that adverse weather events and geopolitical uncertainty is likely to keep inflation higher than expected.
  • The RBI cut the Cash Reserve Ratio for banks by 50bps, thereby supporting liquidity in the system which has fallen dramatically during the recent period of FX volatility.
  • Governor Das noted that "MPC believes only with durable price stability can strong foundations be secured for high growth."