# Rate cut bets rise post new RBI chief appointment, nudge bond yields down
New Delhi: Indian government bond yields closed lower on Tuesday, December 10, 2024, as the appointment of Sanjay Malhotra as the new Reserve Bank of India (RBI) governor is seen as a potential catalyst for monetary policy easing in 2025.
The benchmark 10-year yield ended at 6.7073%, down from the previous close of 6.7175%. Malhotra, currently the revenue secretary to the finance ministry, has a diverse background in financial services, power, taxation, and information technology. His appointment comes at a time when economic growth has slowed and inflation has risen.
Economists at Capital Economics now expect a 25-basis point cut in India's repo rate at Malhotra's first monetary policy meeting in February, compared to their earlier estimate of April. Other banks like Citi, Nomura, and Standard Chartered also anticipate a rate cut in February.
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