Mumbai: The outgoing Reserve Bank of India (RBI) governor Shaktikanta Das on Tuesday said that “restoring inflation-growth balance” is the most important task ahead of the central bank. At his final press conference, Das highlighted six most important challenges for the incoming RBI governor.
“So far as the Reserve Bank is concerned, I think restoring the inflation growth balance is the most important task ahead of the Reserve Bank, and I am sure the team RBI, under the leadership of the new governor, will take it forward.”
“Second, there is a changing world order. I have talked about it in my last monetary policy statement, the entire global geopolitical dynamics, the geo economic dynamics is undergoing fast change. In this situation, it is always necessary to remain alert and agile, and I am sure the RBI will certainly be at its best,” he added.
Das highlighted cyber security and its associated risks and threats as another challenge not only in India, but all over the world, and particularly for a central bank. He said that his successor Sanjay Malhotra will also have to focus on harnessing new technologies, launch a nationwide roll out of the central bank’s digital currency (CBDC) and Unified Lending Interface (ULI), continue to improve on UPI and promote financial inclusion.�
Das said that in the last six years of his tenure, the RBI has achieved substantial progress in technological adoption. He referenced the RBI Innovation Hub establishment in Bengaluru as a significant development for promoting financial sector innovation.�
“And finally, I would like to take this opportunity to convey my best wishes to the incoming governor, Sri Sanjay Malhotra, a person with wide ranging, a very wide experience, and I am sure he will do his best. And from my side, all my best wishes to my successor for success as the 26th Governor of the Reserve Bank,” said Das.
The government has appointed Revenue Secretary Malhotra who will be taking over as the central bank chief on Wednesday.�
