’Restoring Growth-Inflation Balance,' Shaktikanta Das Lists Down Top Priorities for RBI New Governor Sanjay Malhotra, Check

As Shaktikanta Das prepares to conclude his six-year tenure as the Governor of the Reserve Bank of India (RBI), he has outlined the key priorities for his successor, Sanjay Malhotra. In his final address, Das stressed that the most important goal for the new RBI Governor would be to restore the balance between growth and inflation. He emphasised that this is crucial in ensuring India's economic stability and long-term growth. However, Das highlighted several other essential areas that the new governor must focus on to successfully lead the RBI into the future.

Key Priorities for New RBI Governor Sanjay Malhotra

Restore Growth-Inflation Balance

First, Das underscored the importance of restoring the growth-inflation balance. He pointed out that while tackling inflation remains a priority, it must not come at the cost of economic growth. This delicate balance is vital for the continued health of the Indian economy, and Malhotra will need to ensure that both objectives are achieved simultaneously.

Remain Alert in a Changing World

In addition to economic stability, Das emphasised the need for the RBI to remain alert in a changing world. The global economic and geopolitical landscape is evolving rapidly, and the RBI must stay agile in responding to these shifts. Das advised that the new governor should ensure the central bank remains vigilant, adapting to both global and domestic challenges as they arise.

Take Cybersecurity and Cyber Challenges Seriously

Cybersecurity and the rising threats in the digital realm are another major focus. Shaktikanta Das stressed to take cybersecurity and cyber challenges seriously. With the increasing digitization of financial systems, the risk of cyber threats continues to grow. It will be crucial for Sanjay Malhotra to ensure the integrity and security of India’s financial infrastructure to prevent any vulnerabilities that could jeopardize the system.

Capitalise on Harnessing the Benefits of New Technology

Shaktikanta Das also stressed the importance of capitalising on harnessing the benefits of new technology. Under his leadership, the RBI made significant strides in integrating technology into the financial sector.

Pioneer Central Bank Digital Currency (CBDC)

One of the most significant opportunities for India’s financial future is Central Bank Digital Currency (CBDC). Das noted that CBDC holds immense potential, and the RBI must continue to explore its development and implementation. This new form of digital currency could transform India’s financial system.

Promote Financial Inclusion

Lastly, Das highlighted the ongoing importance of promoting financial inclusion. The RBI has made significant efforts to ensure that banking services reach all corners of the country, particularly underserved and unbanked populations. Financial inclusion remains a key focus for the RBI.

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