Speeches & Media Interactions

Participants from the Reserve Bank of India: Shri Sanjay Malhotra - Governor, Reserve Bank of India Shri T. Rabi Sankar - Deputy Governor, Reserve Bank of India Shri Swaminathan J - Deputy Governor, Reserve Bank of India Dr. Poonam Gupta - Deputy Governor, Reserve Bank of India Shri Shirish Chandra Murmu - Deputy Governor, Reserve Bank of India Dr. Ajit Ratnakar Joshi - Executive Director, Reserve Bank of India Shri Sanjay Kumar Hansda - Executive Director, Reserve Bank of India Shri Indranil Bhattacharyya - Executive Director, Reserve Bank of India Moderator: Shri Brij Raj - Chief General Manager, Reserve Bank of India Brij Raj: Good afternoon, everyone. Welcome to this Post-Policy Press Conference, Sixth for the Financial Year 2025-26. We have with us, Governor, Reserve Bank of India - Shri Sanjay Malhotra along with Deputy Governors - Shri T. Rabi Sankar, Shri Swaminathan J, Dr. Poonam Gupta and Shri Shirish Chandra Murmu. We also have with us today, Executive Directors, Dr. Ajit Ratnakar Joshi, Shri Sanjay Kumar Hansda and Shri Indranil Bhattacharyya. I also welcome my other colleagues from the Reserve Bank.

Participants from the Reserve Bank of India: Shri. Sanjay Malhotra – Governor, Reserve Bank of India Shri T. Rabi Sankar – Deputy Governor, Reserve Bank of India Shri Swaminathan J – Deputy Governor, Reserve Bank of India Dr. Poonam Gupta – Deputy Governor, Reserve Bank of India Shri Shirish Chandra Murmu – Deputy Governor, Reserve Bank of India Dr. Ajit Ratnakar Joshi – Executive Director, Reserve Bank of India Shri Indranil Bhattacharyya – Executive Director, Reserve Bank of India Shri Sanjay Kumar Hansda – Executive Director, Reserve Bank of India

Participants from the Reserve Bank of India: Shri Sanjay Malhotra – Governor, Reserve Bank of India Shri M. Rajeshwar Rao – Deputy Governor, Reserve Bank of India Shri T. Rabi Sankar – Deputy Governor, Reserve Bank of India Shri Swaminathan J – Deputy Governor, Reserve Bank of India Dr. Poonam Gupta – Deputy Governor, Reserve Bank of India Shri Indranil Bhattacharyya – Executive Director, Reserve Bank of India Dr. Ajit Joshi – Executive Director, Reserve Bank of India Moderator: Shri Puneet Pancholy – Chief General Manager, Reserve Bank of India

Participants from the Reserve Bank of India: Shri Sanjay Malhotra – Governor, Reserve Bank of India. Shri M. Rajeshwar Rao – Deputy Governor, Reserve Bank of India Shri T. Rabi Sankar – Deputy Governor, Reserve Bank of India Shri Swaminathan J. – Deputy Governor, Reserve Bank of India Dr. Poonam Gupta – Deputy Governor, Reserve Bank of India Dr. Rajiv Ranjan – Executive Director, Reserve Bank of India Dr. A. R. Joshi – Executive Director, Reserve Bank of India Moderator: Shri Puneet Pancholy – Chief General Manager, Reserve Bank of India

Participants from the Reserve Bank of India: Shri Sanjay Malhotra – Governor, Reserve Bank of India. Shri M. Rajeshwar Rao – Deputy Governor, Reserve Bank of India Shri T. Rabi Sankar – Deputy Governor, Reserve Bank of India Shri Swaminathan J. – Deputy Governor, Reserve Bank of India Dr. Poonam Gupta – Deputy Governor, Reserve Bank of India Dr. Rajiv Ranjan – Executive Director, Reserve Bank of India Dr. A. R. Joshi – Executive Director, Reserve Bank of India

Participants from the Reserve Bank of India: Shri Sanjay Malhotra – Governor, Reserve Bank of India Shri M. Rajeshwar Rao – Deputy Governor, Reserve Bank of India Shri T. Rabi Sankar – Deputy Governor, Reserve Bank of India Shri Swaminathan J. – Deputy Governor, Reserve Bank of India Dr. Rajiv Ranjan – Executive Director, Reserve Bank of India Dr. A. R. Joshi – Executive Director, Reserve Bank of India

Participants from the Reserve Bank of India: Shri Sanjay Malhotra – Governor, Reserve Bank of India. Shri M. Rajeshwar Rao – Deputy Governor, Reserve Bank of India Shri T. Rabi Sankar – Deputy Governor, Reserve Bank of India Shri Swaminathan J. – Deputy Governor, Reserve Bank of India Moderator: Shri Puneet Pancholy – Chief General Manager, Reserve Bank of India

Participants from Reserve Bank of India: Shri Sanjay Malhotra – Governor, Reserve Bank of India Moderator: Shri Puneet Pancholy – Chief General Manager, Reserve Bank of India Puneet Pancholy: Good afternoon. It is my honor and a privilege to have amongst us, for the first time, the 26th Governor of Reserve Bank of India Shri Sanjay Malhotra. Governor Sir has kindly agreed to address us and interact with us in today's conference. We have with us 23 media persons from different media houses and I, on behalf of all of us, present here welcome you to this press conference. Now I would request you to please make your address.

Participants from Reserve Bank of India: Shri Shaktikanta Das – Governor, Reserve Bank of India. Dr. Michael D. Patra – Deputy Governor, Reserve Bank of India Shri M. Rajeshwar Rao – Deputy Governor, Reserve Bank of India Shri T. Rabi Sankar – Deputy Governor, Reserve Bank of India Shri Swaminathan J. – Deputy Governor, Reserve Bank of India Dr. O. P. Mall – Executive Director, Reserve Bank of India Dr. Rajiv Ranjan – Executive Director, Reserve Bank of India Moderator: Shri Puneet Pancholy - Reserve Bank of India Puneet Pancholy: Hello and good afternoon. Welcome to this Post Monetary Policy Press Conference. Friends, we have with us, Governor, Reserve Bank of India, Shri Shaktikanta Das; Deputy Governors Dr. M.D. Patra, Shri M. Rajeshwar Rao, Shri T. Rabi Sankar and Shri Swaminathan J. We also have with us Dr. O. P. Mall, Executive Director and Executive Director Dr. Rajiv Ranjan and other colleagues from Reserve Bank. Sir, to begin with, I would request you to make your opening remarks. After that, we will have the Q&A, please.

Moderator: Thank you, Governor. Lots of interesting comments you made in your speech. I would like to start with what you said towards the end, where you said, in your interaction with some bank CEOs, they had some areas of concern and I remember at the time when the RBI had raised the risk weights on unsecured loans, you had called it a pre-emptive measure. So, are there any other areas which make you a little bit worried and where you will now direct your lens with more intensity?