New RBI guv takes over as growth slows, inflation rises

NEW DELHI: India got a new central bank governor on Wednesday, career civil servant Sanjay Malhotra, who has taken office at a time when the country's economic growth is slowing and inflation is surging.

- AP

Malhotra, a former revenue secretary, was appointed to a three-year term as head of the Reserve Bank of India, succeeding Shaktikanta Das, who retired as central bank governor after an extended six-year term.

India's economy grew at a 5.4% annual pace in the last quarter, the weakest pace in nearly two years, while inflation rose to 6.2% in October, well above the RBI's target of 4%, due to rapid increases in vegetable prices.