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The Reserve Bank of India (RBI) has announced the release of new Rs 50 denomination banknotes as part of the Mahatma Gandhi (New) Series. These notes will feature the signature of the newly appointed RBI Governor, Sanjay Malhotra, who took office on December 11, 2024, for a three-year term. He succeeds Shaktikanta Das, who completed a six-year tenure as Governor.
The design of the new Rs 50 notes will remain identical to the existing ones in circulation. The RBI has also clarified that all previously issued Rs 50 banknotes will continue to be legal tender, ensuring a seamless transition for the public.
Before assuming the role of RBI Governor, Sanjay Malhotra served as India’s Revenue Secretary, bringing extensive experience in fiscal and economic policy to his new position. His leadership is already making an impact. In his first Monetary Policy Committee (MPC) meeting as Governor, Malhotra oversaw a decision to cut the repo rate by 25 basis points, reducing it from 6.5% to 6.25%. This marks the first repo rate cut in 12 policy meetings, signaling a potential shift in the RBI’s approach to managing the economy.
A lower repo rate could lead to reduced borrowing costs for banks, which may, in turn, make loans and credit more affordable for businesses and individuals. However, the full implications of this decision will unfold in the coming months, and it will be interesting to see how it influences economic activity.
