Outgoing RBI Governor Shaktikanta Das has expressed confidence that under the able leadership of incoming Governor Sanjay Malhotra, the Reserve Bank will effectively tackle any challenges that lie ahead.

Addressing a press conference in Mumbai, Mr Das reflected on his tenure as RBI Governor and highlighted the principles he adhered to throughout his time in office. He noted that the RBI adopted a wide consultative approach, holding direct meetings with stakeholders, and praised the RBI for its excellent teamwork during his tenure, particularly during the Covid-19 pandemic.

Mr Das highlighted several challenges facing the Reserve Bank of India, including the restoration of inflation control, adapting to the changing global order, and addressing cybersecurity risks and associated threats, which he described as a continuing task with new challenges emerging daily.

He also mentioned that during his tenure, the RBI focused on harnessing the benefits of new technologies, citing the establishment of the RBI Innovation Hub, the Central Bank Digital Currency pilot project, and the ULI and UPI systems.

Mr Das described financial inclusion as a significant challenge for the RBI and reiterated his confidence that the institution will continue to address these challenges effectively.