The Reserve Bank of India has been operating with a leadership vacuum at the top of its monetary policy apparatus for nearly two months. The central bank’s Deputy Governor post overseeing the policy has remained vacant since the departure of Michael Patra in the middle of January.The delay is neither accidental nor unprecedented—but is particularly troubling given the broader context at India’s central bank.This vacancy comes just as the Reserve Bank underwent a leadership shift. Long-serving Governor Shaktikanta Das completed his term in December, handing over the reins to Sanjay Malhotra, a career bureaucrat from the finance ministry. While Malhotra brings extensive administrative experience, he is not an economist and has no direct experience with monetary policy.
.png)
