RBI New Governor Puts Financial Inclusion On Agenda
- Muhammad Ahmad
- Dec 12, 2024
- 2 min read
Malhotra will focus on policy stability while adapting to global economic challenges
Continuity, financial inclusion, and innovation to be a new agenda
Focus on policy continuity, financial inclusion, and innovation.
Emphasis on agility in response to global economic changes.
Collaboration with stakeholders to promote financial inclusion and innovation.
Sanjay Malhotra, the newly appointed Governor of the Reserve Bank of India (RBI), shared his vision for the institution on Wednesday. His approach prioritizes policy continuity, strongly emphasising financial inclusion and fostering innovation to address global economic challenges.
This vision is critical as the RBI navigates an increasingly complex world. Malhotra stressed the need for policy stability, acknowledging that businesses and individuals rely on consistent frameworks for long-term planning and growth. At the same time, he emphasized the importance of agility in adapting to challenges such as geopolitical tensions and climate change.
Technical Focus
The RBI’s commitment to maintaining stability is essential for sustaining India’s financial sector, particularly in an era marked by rapid technological advancements and shifting global dynamics. Malhotra’s call for agility reflects the importance of responding to new challenges, from economic shifts to technological disruptions.
Malhotra also highlighted the significance of financial inclusion, citing the progress made through initiatives like the Unified Payments Interface (UPI), which has gained global recognition. He stressed that innovation would be key in expanding financial access and lowering costs, but safeguards would be implemented to mitigate associated risks. His leadership will also focus on continued collaboration with regulators, governments, and other stakeholders to ensure that the benefits of financial inclusion reach all segments of society.
IMalhotra’s leadership at the RBI will focus on fostering a balance between stability and innovation, ensuring that policies remain responsive to current and future economic challenges while promoting broader financial inclusion across India.
