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In a significant move, the Government of India has appointed Sanjay Malhotra, the current Revenue Secretary, as the 26th Governor of the Reserve Bank of India (RBI). The announcement was made on Monday through an official notification issued by the Centre’s cabinet committee. Malhotra will succeed Shaktikanta Das, whose tenure is set to conclude on Tuesday.
Malhotra, a 1990 batch IAS officer from the Rajasthan cadre, brings with him a wealth of experience across various sectors. He is an engineering graduate in computer science from the Indian Institute of Technology (IIT), Kanpur, and holds a Master’s in Public Policy from Princeton University.
Before his appointment as Revenue Secretary in October 2022, Malhotra held multiple key positions in the Indian government. He had served as the Secretary of the Department of Financial Services under the Ministry of Finance, and his career spans over three decades, during which he contributed to sectors including power, finance, taxation, information technology, and mining.
Sanjay Malhotra’s appointment comes at a crucial time as he takes over the helm of the central bank amidst challenges in the global economic landscape, including inflationary pressures and economic uncertainties. As RBI governor, Malhotra will have to navigate these challenges while ensuring financial stability in India.
The outgoing RBI Governor, Shaktikanta Das, has led the central bank through significant global events, including the COVID-19 pandemic and geopolitical tensions stemming from the wars in Ukraine and the Middle East. Das, who took charge as the 25th RBI governor in December 2018, was granted a tenure extension after completing his initial three-year term. He has been widely praised for his adept handling of India’s monetary policy and was awarded the Central Banker of the Year title twice for his role in managing one of the fastest-growing economies in the world.
Das’s leadership and the RBI’s policy decisions have been instrumental in stabilizing the Indian economy during turbulent times, with a particular focus on managing inflation. His legacy will undoubtedly influence the transition as Malhotra steps into the pivotal role.
Malhotra’s extensive background and expertise make him well-positioned to continue the RBI’s efforts in maintaining economic stability while managing challenges related to inflation and growth. As the new RBI governor, he is expected to guide the country through an evolving economic landscape with prudence and vision.
Sources By Agencies
