Sanjay Malhotra Appointed as New RBI Governor for Three-Year Term
Sanjay Malhotra, the current Revenue Secretary, has been appointed as the new Governor of the Reserve Bank of India (RBI) for a tenure of three years, the government announced on Tuesday. A seasoned civil servant with a 33-year career, Mr. Malhotra will succeed Shaktikanta Das, whose term concludes this week.
Distinguished Career and Educational Background
A 1990-batch Indian Administrative Service (IAS) officer from the Rajasthan cadre, Mr. Malhotra holds a degree in Computer Science from the prestigious Indian Institute of Technology (IIT), Kanpur. He further enhanced his expertise by earning a Master’s in Public Policy from Princeton University in the United States.
Throughout his illustrious career, Mr. Malhotra has held key roles in diverse sectors such as power, finance, taxation, information technology, and mining. His tenure as Secretary in the Department of Financial Services and his experience in formulating tax policies for direct and indirect taxation underline his deep understanding of financial systems and governance.
Succeeding Shaktikanta Das
Mr. Malhotra steps into the role following Shaktikanta Das, who has served as the 25th Governor of the RBI since December 2018. Mr. Das’s tenure was marked by significant milestones, including stabilizing markets after the abrupt resignation of his predecessor, Urjit Patel, and steering the monetary policy response during the COVID-19 pandemic.
Mr. Das was granted an extension after completing his initial three-year term, during which he successfully managed the contentious issue of surplus transfer between the RBI and the government.
Challenges Ahead for the New Governor
As the new RBI Governor, Mr. Malhotra is expected to navigate critical challenges, including maintaining monetary stability, addressing inflationary pressures, and fostering economic growth. His appointment comes at a time when global and domestic economic landscapes demand astute financial leadership.
With extensive experience in both state and central government roles, Mr. Malhotra’s appointment is seen as a strategic move to ensure continuity and stability in India’s monetary policy.
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