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Sanjay Malhotra Appointed as New Reserve Bank of India Governor
Sanjay Malhotra Appointed as New Reserve Bank of India Governor
Appointment Announcement
Sanjay Malhotra has been appointed as the new Governor of the Reserve Bank of India (RBI). The Department of Financial Services confirmed the decision on Monday in a formal communication. The Appointment Committee of the Cabinet approved Malhotra’s appointment for a term of three years, starting December 11th.
Malhotra, currently serving as Revenue Secretary in the Ministry of Finance, will succeed Shaktikanta Das, who also previously held a key position in the Ministry of Finance before his tenure at RBI's Mint Road headquarters.
Background and Education
Sanjay Malhotra is an accomplished Indian Administrative Service (IAS) officer from the 1990 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 a career spanning over three decades, Malhotra has amassed extensive expertise in key sectors, including power, finance, taxation, information technology, and mining.
Professional Experience
In his current role as Revenue Secretary, Malhotra has played a critical role in shaping tax policies for both direct and indirect taxation. Previously, he served as Secretary in the Department of Financial Services under the Ministry of Finance, where he oversaw significant developments in banking, insurance, and financial regulations.
Malhotra’s career also includes significant contributions at both the state and central government levels. His experience in finance and taxation makes him well-suited to lead the Reserve Bank of India at a time of evolving economic challenges and opportunities.
Challenges Ahead
As Malhotra prepares to take over as RBI Governor, he is expected to address crucial issues such as inflation management, interest rate policy, financial sector stability, and the integration of technology into India's banking ecosystem.
His appointment reflects the government’s confidence in his leadership and technical acumen to steer the central bank in its pivotal role in the Indian economy.
