RBI has done its bit for growth, expect everyone else to do their's: Sanjay Malhotra

Mumbai:  RBI Governor Sanjay Malhotra on Friday said the central bank has done its bit for pushing growth, and it is now for the stakeholders to do their bit.

Malhotra was responding to a specific question whether he expected fiscal authorities to support growth as the central bank after 50 basis points repo rate cut will have "very little space" for monetary policy action.

"I believe in doing my work, and we have done that bit. And obviously, it is expected that everyone else will be doing their bit," the RBI Governor said.

He was quick to add that it is not appropriate for him to suggest what others should be doing, and added that he believes in doing his job and will continue to do so ahead as well.

At many instances in the past, there has been a lack of warmth between RBI and the finance ministry over the kind of policies to be adopted by the former. Often, the central bank's policies stemming from focus on financial stability and price rise have not been appreciated by the government.

Earlier in the day, Malhotra said the RBI has already cut rate by 1 percentage point in three moves since he took over, and there is little more it can do to help prop up growth.

He also announced a change in the monetary policy stance to "neutral" from "accommodative".

"After having reduced the policy repo rate by 100 bps in quick succession since February 2025, under the current circumstances, monetary policy is left with very limited space to support growth," he said.

The statement also comes within weeks after Finance Minister Nirmala Sitharaman had asked regulators to be more accommodative and help the growth process.