Sanjay Malhotra, a career civil servant, has become India's new central bank governor as the country's economic growth slows and inflation is rising.

Sanjay Malhotra, former revenue secretary, took charge as the 26th RBI governor on Wednesday. He assumes control amidst slowing economic growth and persistent inflation, raising expectations of interest rate cuts in the upcoming policy review.

The Reserve Bank of India has held interest rate steady since February last year, while a sharper-than-anticipated slowdown in India’s growth has made RBI’s task tougher.

As Shaktikanta Das finishes up his tenure as India’s central bank governor, handing over the reins to a career bureaucrat, many have praised his performance as a relative outsider who leaned on diplomacy to propel the world’s fastest-growing major economy to new heights.

RBI Governor Shaktikanta highlights the potential of CBDC in shaping India's economic future, the progress of the digital rupee pilot project