Sanjay Malhotra Appointed as New RBI Governor

In a significant development, Sanjay Malhotra, a senior Indian Administrative Service (IAS) officer from the 1990 Rajasthan cadre, has been appointed as the new Governor of the Reserve Bank of India (RBI). He succeeds Shaktikanta Das, whose term concludes on 10th December 2024. Malhotra will serve as the 26th Governor of India’s central bank, with a tenure of three years.

Malhotra's career spans over 33 years, marked by notable contributions in areas such as finance, taxation, information technology, and power. He most recently served as Revenue Secretary in the Ministry of Finance, where he played a pivotal role in formulating direct and indirect tax policies and overseeing buoyant tax collections.

His earlier roles included Secretary of the Department of Financial Services and ex-officio Secretary to the GST Council, where he was instrumental in maintaining a balance between the fiscal interests of states and the integrity of the national tax system.

This appointment comes at a crucial time as India’s economy navigates global financial challenges and inflationary pressures. As the head of the RBI, Malhotra will be tasked with steering the country's monetary policy, ensuring financial stability, and supporting economic growth.

With a reputation for sound fiscal management and deep expertise in public finance, Malhotra’s leadership is expected to bolster India's financial sector and maintain investor confidence. His appointment is seen as a strategic move aimed at leveraging his vast experience to further strengthen the RBI’s role as a key economic regulator.

Sanjay Malhotra, a 1990-batch IAS officer of the Rajasthan cadre, has been nominated as a director on the Central Board of the Reserve Bank of India (RBI). Prior to this role, he served as the Secretary of the Department of Financial Services (DFS) under the Ministry of Finance. Malhotra also held the position of Chairman and Managing Director at REC Ltd., a leading public infrastructure finance company in India.

His extensive experience in financial services and administrative roles is seen as a key asset for his contribution to the RBI, as the Central Board plays a crucial role in policy formulation and decision-making for India's central bank.