RBI to Issue New ₹50 Banknotes with Governor Sanjay Malhotra’s Signature
The Reserve Bank of India (RBI) has announced its plans to introduce new ₹50 denomination banknotes in the Mahatma Gandhi (New) Series. These notes will feature the signature of the newly appointed RBI Governor, Sanjay Malhotra.
According to the official statement, the design of the new ₹50 note will remain the same as that of the previous ₹50 banknotes issued under the Mahatma Gandhi (New) Series. All earlier ₹50 banknotes will continue to be considered legal tender, ensuring a smooth transition in currency circulation.
Who is Sanjay Malhotra?
Sanjay Malhotra, a 56-year-old civil servant, was appointed as the Governor of the Reserve Bank of India on December 11, 2024, for a tenure of three years. He succeeded Shaktikanta Das, who completed six years as RBI Governor. Before assuming his role at the central bank, Malhotra served as India’s Revenue Secretary, where he played a crucial role in shaping economic policies and financial regulations.
First Major Decision: Repo Rate Cut
In his first Monetary Policy Committee (MPC) meeting as RBI Governor, Sanjay Malhotra announced a 25 basis point rate cut, lowering the repo rate from 6.5% to 6.25%. This significant move marked the first rate cut after 12 consecutive policy meetings, signaling a shift in the RBI’s monetary policy approach.
Design and Features of the New ₹50 Banknote
The new ₹50 banknote will retain the same design and security features as its predecessor. Key highlights include:
– Mahatma Gandhi’s portrait on the front.
– A motif of Hampi with a chariot on the reverse, showcasing India’s cultural heritage.
– A fluorescent blue base color with intricate geometric patterns.
– Dimensions of 66mm x 135mm.
Legal Status of Previous ₹50 Notes
The RBI has confirmed that all previously issued ₹50 notes will remain valid and in circulation. The introduction of new notes is part of the RBI’s ongoing efforts to enhance security features and maintain the integrity of Indian currency.
The Reserve Bank of India continues to evolve its currency management strategies while ensuring a stable financial system. With new leadership and policy shifts, the banking sector is set to experience dynamic changes in the coming months.
