India has appointed a new central bank governor in a surprising move that some experts say strengthens outlook for rate cuts early next year.

The new RBI Governor takes charge at a time when the Indian economy faces significant challenges. GDP growth slowed to a seven-quarter low of 5.4 percent in the September quarter, and inflation remains above the 6 percent threshold set for the central bank by the government.

The new RBI Governor says his primary focus would be on integrating and revitalising the system through advanced technology

In what was his first press conference after assuming office, the Revenue Secretary-turned RBI Governor said the central bank will uphold the principle of stability and continuity in monetary policy.

India has appointed a new central bank governor in a surprising move that some experts say strengthens outlook for rate cuts early next year.

Sanjay Malhotra, a career civil servant who has mostly kept a low profile, was picked as India's new central bank governor replacing Shaktikanta Das after a six-year stint.

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, as growth slows and high inflation persists.