Sanjay Malhotra, the current Revenue Secretary in the Ministry of Finance, has been appointed as the new Governor of the Reserve Bank of India (RBI).
This significant appointment was confirmed by the Department of Personnel and Training on Monday, marking a pivotal change in the leadership of India’s central banking system. Sanjay Malhotra’s tenure as the RBI Governor is set to begin on December 11, 2024, and he will serve a three-year term.
Hailing from the 1990-batch Indian Administrative Service (IAS) of the Rajasthan cadre, Sanjay Malhotra brings a wealth of experience to his new role. He is an alumnus of IIT Kanpur, where he earned his degree in Computer Science Engineering, and he also holds a Master’s in Public Policy from Princeton University, USA. With over 33 years of service, Malhotra has demonstrated exceptional leadership in key sectors, including finance, taxation, power, information technology, and mines.
In his current role as Revenue Secretary, Malhotra has been instrumental in shaping India’s tax policies, especially those related to direct and indirect taxation. His expertise in financial management and governance has positioned him as an ideal candidate to lead the Reserve Bank of India.
Prior to becoming Revenue Secretary, Malhotra served as the Secretary of the Department of Financial Services within the Ministry of Finance. In this capacity, he oversaw critical reforms and initiatives to strengthen India’s banking and financial infrastructure.
Sanjay Malhotra will succeed Shaktikanta Das, the outgoing RBI Governor, who concludes his six-year term on December 10, 2024. Das has been widely praised for his effective leadership during one of the most challenging periods in recent history, including the Covid-19 pandemic. His tenure witnessed significant measures to stabilize the economy, such as rate adjustments and policy interventions to support financial inclusion and economic recovery.
Shaktikanta Das, a veteran bureaucrat, assumed office as the 25th Governor of the RBI on December 12, 2018. A former Secretary in the Department of Revenue and Department of Economic Affairs, Das’s contributions have left a lasting legacy on India’s financial landscape. His term was extended in 2021, underscoring the trust placed in his leadership by the government.
As the new RBI Governor, Sanjay Malhotra will face numerous challenges, including steering the central bank through evolving economic conditions, inflationary pressures, and global financial uncertainties. His experience in finance and governance will be critical in ensuring macroeconomic stability, promoting growth, and furthering the agenda of financial inclusion.
The appointment of Sanjay Malhotra as the new RBI Governor marks a significant transition in the leadership of India's central bank. With his extensive experience in public administration, finance, and policymaking, Malhotra is well-equipped to steer the RBI through evolving economic challenges and opportunities.
His tenure comes at a time when India’s financial sector is poised for transformative growth, and his leadership is expected to strengthen macroeconomic stability, enhance financial inclusion, and support sustainable economic development.
As he takes the baton from Shaktikanta Das, whose impactful tenure leaves behind a strong legacy, Malhotra’s appointment is a step forward in ensuring continuity and progress in India’s monetary policy and financial governance. The nation looks forward to a new chapter under his guidance, anticipating innovative measures that will contribute to a resilient and dynamic financial ecosystem.