RBI Governor Sanjay Malhotra’s first year at the helm may have looked relatively steady from the outside, but internally it was anything but calm. Taking charge at a time when global inflation was cooling yet geopolitical tensions continued to rattle markets, Malhotra spent much of his first year laying the groundwork for tougher policy decisions ahead.
His tenure began with a delicate balancing act — sustaining India’s economic momentum while containing inflation that stubbornly hovered above the comfort zone. Rather than pursuing aggressive rate hikes, Malhotra opted for a calibrated approach, tightening liquidity, strengthening regulatory supervision, and signalling a long-term anti-inflation stance without choking growth.
Banking sector stability became another priority. From tightening norms on unsecured personal loans to pushing for stronger provisioning by NBFCs, Malhotra’s RBI has focused on preventing risk build-ups rather than reacting to crises. His year also saw a renewed push toward payment safety, digital lending discipline, and stress monitoring in cooperative banks.
Yet, experts say the real test lies ahead. India is entering a phase of slower global trade, unpredictable commodity prices, and shifting capital flows. The coming year will likely demand sharper rate decisions, sterner regulatory interventions, and faster responses to market volatility.
Malhotra’s first year, therefore, wasn’t the main exam — it was preparation. The next phase will determine how effectively the RBI can navigate growth ambitions while keeping financial stability intact.
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