RBI Guv Malhotra asks staff to emphasise customer centricity in NY message

Reserve Bank of India (RBI) Governor Sanjay Malhotra emphasised on customer centricity in his new year message to the employees of the central bank.

 

“Let us keep customer centricity at the heart of our endeavours and work towards providing seamless and user-friendly services,” Malhotra wrote to his colleagues. A copy of his letter has been reviewed by the Business Standard.

 

“As we are at the threshold of the new year, signifying a new beginning, it is an opportunity for all of us not only to reflect on the year gone by but also prepare ourselves for the year ahead of us. 2025 is set to an exciting and challenging year,” he said.

 

 

The central bank is facing challenges on the currency front, which has been under pressure in the last few months. The Indian rupee depreciated nearly 3 per cent in 2024 and has touched an all-time closing low of 85.65/$. The Rupee has been under pressure for the last three months as it hit all-time closing lows in 14 out of 22 trading sessions in December.

 

In addition, slowing economic growth has put pressure on the central bank to lower interest rates with gross domestic product (GDP) growth in the July-September period (Q2) plunged to 5.4 per cent. Retail inflation in November fell marginally to 5.5 per cent, slightly below the upper tolerance level of the RBI.

 

The policy repo rate has been kept unchanged for nearly two years now, at 6.5 per cent. Malhotra will chair his first monetary policy committee (MPC) meeting in February.

 

“We perform some very important and meaningful work, which impacts the lives of citizens of the country. Let us prepare for it in full earnest,” he said.

 

Malhotra took charge on December 11, 2024 as the 26th governor of the RBI, succeeding Shaktikanta Das, who served for six years.

 

Malhotra, who will have a three-year term, recalled the significant progress made by the RBI in 2024 — a year in which it entered the 90th year of operation.

 

“During the year we took several measures to further strengthen the financial sector, enhance customer protection, promote financial literacy, and encourage innovation,” he said.

 

“We leveraged technology to further enhance customer experience. Launch of the next generation data warehouse, RBI retail direct mobile app, Fintech Repository, PRAVAAH portal and internationalisation of UPI are some of the notable achievements of 2024,” he added.