India's new central bank governor takes over as economic growth slows and inflation rises

Sanjay Malhotra, a career civil servant, has become India’s new central bank governor as the country’s economic growth slows and inflation is rising. The Reserve Bank of India said on Wednesday that Malhotra, a former revenue secretary, will formulate India’s monetary policy for the next three years. He succeeds Shaktikanta Das, who retired as central bank governor after an extended six-year term. GDP growth slowed to 5.4% in the quarter ending in September, the weakest level in seven quarters, while inflation in October rose above the central bank’s 6% tolerance band to 6.21%, driven by a rapid rise in vegetable prices.