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In his annual message to employees, Malhotra said customer centricity and financial inclusion “must remain at the heart” of the central bank’s work.
“We must emphasize strengthening the monetary policy framework, intensifying supervision, balancing regulation, deepening financial markets, and improving payments and currency management,” Malhotra said in the message.
He said that RBI employees should enhance their knowledge, enhance their analytical capabilities, adopt technology and continuously improve the processes.
Malhotra, a career bureaucrat who recently completed a year at the helm of the RBI, told staff that his responsibilities will continue to expand in the new year, which will be marked by a rapidly evolving economic and financial landscape driven by technological change, geo-economic shifts and rising public expectations.
“The Reserve Bank’s strength has always come from its people and the shared belief that our work, though often unseen, makes a meaningful difference to the country,” he said.
Also read: Indian financial system remains resilient despite global uncertainty: RBI
Malhotra said the times demand technical excellence but also a commitment to the central bank’s “core institutional values” of integrity, independence, efficiency, humility and a deep sense of public service.
Looking ahead to 2025, Malhotra said a complex global backdrop marked by geopolitical uncertainties, uneven growth and volatile financial markets marked the year.
“In this challenging environment, our policy interventions have been adjusted to balance stability with growth, while ensuring that the banking and financial sectors continue to support our country’s development aspirations,” he said.
Listing some successes, Malhotra also pointed to creation of a structured framework for rule making, progress in simplification of the regulatory architecture by consolidating a large number of regulatory directives and improvements in internal governance at the RBI.
“An important dimension of our work this year was the emphasis on customer service and grassroots engagement,” he said.