December 9, 2024: Sanjay Malhotra, the current Revenue Secretary, has been appointed as the new Governor of the Reserve Bank of India (RBI). The announcement was made by the government, stating that Mr. Malhotra will assume office from Wednesday, serving a tenure of three years.
A 1990-batch Indian Administrative Service (IAS) officer from the Rajasthan cadre, Mr. Malhotra brings a wealth of experience spanning over 33 years. He holds a Computer Science degree from the Indian Institute of Technology (IIT), Kanpur, and a Master’s in Public Policy from Princeton University, USA.
Distinguished Career in Public Administration
Mr. Malhotra has held various key roles across sectors, including power, finance and taxation, information technology, and mining. Before being named Revenue Secretary, he served as the Secretary of the Department of Financial Services.
His tenure in public service is marked by significant contributions to policy formulation, particularly in the domains of direct and indirect taxation. The Department of Revenue highlights his instrumental role in shaping India’s tax policies, demonstrating his deep understanding of the financial landscape at both the state and central levels.
Transition at the RBI
Mr. Malhotra replaces Shaktikanta Das, who served as the 25th Governor of the RBI since December 12, 2018. Mr. Das’s term saw him navigating critical moments, including market stabilization after the abrupt resignation of his predecessor, Urjit Patel, amidst a government-RBI disagreement over surplus transfer.
Under Mr. Das’s leadership, the RBI focused on bolstering economic resilience, addressing liquidity crises, and maintaining financial stability during challenging times. He was granted a tenure extension in recognition of his contributions.
As Sanjay Malhotra steps into this pivotal role, his extensive experience in governance and financial administration is expected to guide the RBI in steering India’s monetary policy and fostering economic growth.
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