India got a new central bank governor on Wednesday as the country’s economic growth slows and inflation surges. Sanjay Malhotra, a career civil servant, was appointed to a three-year term as head of the Reserve Bank of India,

India appointed career civil servant Sanjay Malhotra as its new central bank governor on Monday in a surprise move that leaves markets guessing about the future direction of monetary policy. Financial markets had expected current governor Shaktikanta Das to be handed a second extension when his term ends on Tuesday.

The former revenue secretary also said he was "conscious of the fact that we do maintain continuity and stability."