India's new central bank chief commits to policy continuity

India's newly-appointed central bank governor Sanjay Malhotra on Wednesday said he will look to ensure stability and continuity in policymaking for the benefit of the economy.

"All businesses, all people they do need this (policy) stability rather than (a) day-to-day kind of a policy," Malhotra said at a press conference in Mumbai after he took charge for a three-year term.

"We continue to uphold this value, this principle of stability."

Malhotra's appointment came as a surprise and has left markets guessing about the future direction of monetary policy.

His predecessor, Shaktikanta Das, was one of the longest-serving RBI governors in recent years.

At a policy meeting earlier this month, the last under Das, India's monetary policy committee left interest rates unchanged but the central bank eased banking system liquidity conditions.