India got a new central bank governor on Wednesday as the country’s economic growth slows and inflation surges. Sanjay Malhotra, a career civil servant, was appointed to a three-year term as head of the Reserve Bank of India,

Indian bonds are poised to gain as analysts bet on an interest-rate cut after the government named career bureaucrat Sanjay Malhotra as the new Reserve Bank of India governor.

The new governor of the Reserve Bank of India brings a pro-growth sensibility to the position that raises the likelihood of lower benchmark policy rates early next year.

The country's inflation rate reading comes after India had missed growth expectations for its fiscal second quarter