'Once bitten, twice shy, I didn't take up the challenge this time...'
'I realised I had failed to follow my karma because I feared failure.'
It's rare for a public policymaker to open up about their campus years and professional journey -- recounting both victories and setbacks.
Reserve Bank of India Governor Sanjay Malhotra offered a glimpse into his path so far, from student days to becoming one of the country's top bureaucrats.
And what better place to open up than at his alma mater -- the Indian Institute of Technology-Kanpur, where he graduated 36 years ago in computer science and engineering.
Speaking at the 58th convocation of IIT-Kanpur, a nostalgic Malhotra said, "I still vividly remember my first day at IIT when my mother came to drop me off with another batchmate.
"I recall my days at Hall III and then Hall I, the healthy rivalry between Hall II and Hall III, 'phatta' cricket, 'bulla', celebrations at Red Rose on campus, and at Chung Fa in the city, movies at L7, DEC 10 -- which we were so proud of -- and the iconic library."
"The steel trunk that carried my belongings to IIT, and which my loving wife has preserved to this day, is still with me," he said, also recalling his 'Wilson' tennis racquet, with which he 'religiously' played every evening on the campus clay courts.
Malhotra took charge as the 26th governor of the Reserve Bank of India on December 11 last year.
Prior to this role, he was the secretary of the department of revenue in the ministry of finance.
A 1990 batch Indian Administrative Service officer from the Rajasthan cadre, Malhotra offered a glimpse of his learnings as a bureaucrat.
Referring to his tenure as secretary, department of personnel, government of Rajasthan (2007-2008), he pointed out that promotions from the state civil service to the IAS were plagued by disputes and court cases for nearly 20 years, leaving no one promoted to the IAS.
"When I was given responsibility for this department, I took up the gauntlet," he said.
After meticulously studying the disputes and judicial pronouncements, he decided on claims of seniority and promotion -- "without fear or favour".
The department finalised and published the seniority lists and sent the proposals to the Union Public Service Commission for promotion.
"Just when we were about to convene the promotion meeting, one officer approached the court and secured a stay. Months of hard work were brought to naught... I was disappointed," he said.
Shortly thereafter, he left for Princeton University to pursue a master's in public policy, so he couldn't continue the case.
Upon returning to the bureaucracy, he was assigned to another department.
After a few years, when the courts lifted the stay, he was asked if he'd be interested in putting the finishing touches to the work he had started.
"Once bitten, twice shy, I didn't take up the challenge this time... I realised I had failed to follow my karma because I feared failure.
"I learnt I needed to follow my karma boldly and decisively, regardless of the results," he said.
The work was completed by another officer and was conferred the state award for civil service, in recognition of his efforts, he added.
Malhotra also spoke of his tenure at the United Nations between 2003 and 2006.
"I learnt to question the status quo. I learnt that there is always room for improvement," he said, recalling an initiative for a project to improve productivity in India's hand tools clusters.
Interestingly, as RBI governor, Malhotra changed the status quo on interest rates at his very first monetary policy review.
In February this year, the policy repo rate was cut by 25 basis points (bps) -- the first revision after February 2023, when it was increased by 25 bps to 6.5 per cent.
So far, under Malhotra's watch, the monetary policy committee has cut the repo rate by 100 bps to 5.5 per cent between February and June.
Reflecting on his IIT days, he said, "We were always short of money and in debt."
The bureaucrat-turned-central banker highlighted the role trust plays in relationships, recalling how the canteen gave credit generously.
"Even beyond the hostel, we received credit from the juice vendor and the shops in the campus shopping centre -- all because of their trust in IIT students," he said.
"It is trust in a person that makes him a leader. It is trust that makes people follow a leader.
"Integrity and ethics are paramount for gaining trust," he added. "It is not easy to earn trust.
"To do so, a leader must have the courage to make difficult decisions."
Feature Presentation: Ashish Narsale/Rediff
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