RBI Governor Sanjay Malhotra on Monday urged staff to aim for perfection in their duties, emphasising continuous improvement as the institution enters a new era. In his first letter to colleagues since assuming office on December 11, Malhotra stressed the importance of upholding and enhancing the RBI’s high standards.
“Continuous improvements and kaizens are essential for any organisation to excel. I exhort you to strive for perfection in performing our critical roles, as we enter Amrit Kaal and support in the realisation of our vision of a Viksit Bharat,” wrote the governor in the letter.
Malhotra’s tenure begins amid challenges of slowing economic growth and rising inflation, with the economy growing at its weakest pace in nearly two years and inflation surpassing the RBI’s target. In the second quarter of the current fiscal, real GDP slowed to a seven-quarter low of 5.4% while consumer price-based inflation (CPI), or retail inflation, surged to a 14-month high of 6.21% in October 2024.
Emphasising a collaborative approach, Malhotra expressed his commitment to team-based and participative decision-making and assured employees of his accessibility. “I will maintain an open-door policy and remain accessible to each one of you, irrespective of rank or seniority,” said the governor. “With varied experience in all tiers of government and a multilateral institution, I too will work hand in hand with you in this regard,” he added.
An Indian Administrative Service Officer of 1990 Batch Rajasthan Cadre, Malhotra has vast and diverse experience across various key sectors including power, finance and taxation, information technology, etc. and has held key positions both at the state and the central government, apart from having a stint with a United Nations agency.
Further, Malhotra reaffirmed his confidence in the professionalism of RBI staff, urging them to uphold the values of public service, including integrity, impartiality, industriousness, objectivity, accountability, decisiveness, and transparency.
He underscored the RBI’s responsibilities, including formulating monetary policy, maintaining price stability, managing foreign exchange, and operating the country’s currency and credit systems.
