Coming soon, Rs 50 notes signed by new RBI governor Sanjay Malhotra

The Reserve Bank of India (RBI) will soon release Rs 50 denomination banknotes in the Mahatma Gandhi (New) Series with the signature of newly appointed Governor Sanjay Malhotra, the central bank said in a release on Wednesday. 

"The design of these notes is similar in all respects to Rs 50 banknotes in Mahatma Gandhi (New) Series. All banknotes in the denomination of Rs 50 issued by the Reserve Bank in the past will continue to be legal tender," the RBI stated. 

Malhotra, a 56-year-old civil servant, was appointed as the new governor of the RBI for the next three years, on December 11, 2024. He succeeded Shaktikanta Das who completed six years as the RBI governor.

Prior to his RBI stint, Malhotra was India’s Revenue Secretary. 

Last week, in his first Monetary Policy Committee meeting after being appointed as the RBI governor, Malhotra delivered a rate cut of 25 basis points from 6.5 per cent to at 6.25 per cent. This is the first instance after 12 policies that the repo rate has been cut by the RBI Monetary Policy Committee.