Sanjay Malhotra Takes Charge As 26th Governor Of RBI

December 11, 2024: Sanjay Malhotra officially took charge as the 26th Governor of the Reserve Bank of India (RBI) on Wednesday, December 11, 2024. His tenure, set for three years, will involve overseeing the central bank’s crucial responsibilities, including monetary policy, financial regulation, and ensuring economic stability in India.

The RBI confirmed his appointment through a social media post that read, “Sanjay Malhotra takes charge as the 26th Governor of Reserve Bank of India for the next 3 years w.e.f December 11, 2024.”

Malhotra, a seasoned bureaucrat with vast experience in economic and financial matters, succeeds Shaktikanta Das, who served as RBI Governor since December 2018. During his tenure, Das played a pivotal role in navigating the Indian economy through significant challenges, including the economic fallout of the COVID-19 pandemic.

As the new head of the RBI, Malhotra will be tasked with several critical objectives. These include maintaining inflation targets, stimulating economic growth, and ensuring the resilience of India’s financial sector, especially in the face of global economic uncertainties. Balancing these priorities, particularly in restoring equilibrium between growth and inflation, will be one of his most pressing challenges.

Sanjay Malhotra is a 1990-batch Indian Administrative Service (IAS) officer from the Rajasthan cadre. He holds an engineering degree in Computer Science from the Indian Institute of Technology (IIT) Kanpur and a Master’s degree in Public Policy from Princeton University, USA. With over 33 years of experience, Malhotra has worked in a variety of sectors, including power, finance, taxation, information technology, and mines.

He has substantial experience in finance and taxation both at the state and central government levels. Notably, Malhotra has played an instrumental role in shaping tax policy related to both direct and indirect taxes. His leadership and expertise in economic policy will be crucial in his new role at the RBI.

Malhotra’s appointment comes after Shaktikanta Das’s six-year term as RBI Governor, which concluded on December 10, 2024. Das’s tenure was marked by decisive actions to safeguard India’s financial system, and his departure marks the end of a significant period of economic management for the central bank.

As Malhotra steps into his new role, his ability to navigate the delicate balance between fostering economic growth and controlling inflation will be key to his success as the Governor of the Reserve Bank of India.