RBI Holds Crucial Meeting Amid Leadership Transition

The Reserve Bank of India's 612th Central Board meeting in Guwahati, chaired by new Governor Sanjay Malhotra, reviewed economic conditions and recognized former Governor Shaktikanta Das for his contributions. The session focused on banking trends, involving high-ranking officials, as Malhotra assumes leadership effective December 11, 2024, for three years.

The 612th meeting of the Central Board of Directors of the Reserve Bank of India took place in Guwahati under the stewardship of newly-appointed RBI Governor Sanjay Malhotra. The central bank expressed its gratitude to Shaktikanta Das for his contributions during his tenure as Governor.

Former Governor Das, who led the RBI for six years until December 10, navigated the financial institution through the challenging period of the COVID-19 pandemic. His experience in the Ministry of Finance as Secretary of the Department of Revenue and Department of Economic Affairs underscored his adept handling of central banking responsibilities.

The meeting's agenda included assessments of global and domestic economic forecasts and discussions on the bank's activities, alongside reviewing the draft Report on Trend and Progress of Banking in India, 2023-24. Prominent participants included Deputy Governors and various Directors of the Central Board.

Nagaraju Maddirala, Secretary, Department of Financial Services, also participated in the discussions. Sanjay Malhotra, appointed earlier this month as RBI Governor, will commence his duties on December 11, 2024, serving a three-year term. Malhotra, an Indian Administrative Service officer, brings a robust academic background with an Engineering degree from IIT Kanpur and a Master's in Public Policy from Princeton University.

(With inputs from agencies.)