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Regulation by Reserve Bank of India - some reflections

· Sanjay Malhotra, Governor of the Reserve Bank of India (India)

Summary written by Dark Majestic in its own words · topics: growth, investment and productivity

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· Sanjay Malhotra Wiki · Reserve Bank of India WikiRegulation by Reserve Bank of India - some reflections

ContextText of the Second V K R V Rao Memorial Lecture by Sanjay Malhotra, Governor of the Reserve Bank of India, Delhi School of Economics, New Delhi, 20 November 2025.

Why it mattersIndia's Governor sets out his philosophy of regulation: proportionate rules, countercyclical buffers and caution with temporary relief.

Problems raised
  1. Rules must balance safety and growth.
  2. Temporary relief can hide real problems.
  3. Regulators' goals can conflict.
Solutions proposed
  1. Apply proportionate, risk-based regulation.
  2. Use countercyclical capital buffers.
  3. Coordinate with other regulators.
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