India on Monday appointed Revenue Secretary Sanjay Malhotra as new Governor of the Reserve Bank of India (RBI).
The Appointments Committee of the Cabinet has appointed Sanjay Malhotra as the next RBI Governor for a three-year term beginning from December 11, 2024, according to the official notification.
Revenue Secretary Sanjay Malhotra Appointed New RBI governor
Revenue secretary Sanjay Malhotra has been appointed as the new Reserve Bank of India governor, an official notification from the Centre’s cabinet committee stated on Monday.
Malhotra, a 1990 batch Rajasthan cadre IAS Officer, will replace Shaktikanta Das, whose tenure comes to an end on Tuesday. He will be the 26th governor of the central bank.
Malhotra was appointed as revenue secretary in October 2022, succeeding Tarun Bajaj, who retired that year.
He is an engineering graduate in computer science from the Indian Institute of Technology, Kanpur, and has a Master’s in Public Policy from Princeton University, the US.
In his career of over 33 years, he has worked in multifarious sectors, including power, finance and taxation, information technology, and mines, among others.
Presently, he is the Secretary (Revenue) in the Ministry of Finance.
In his previous assignment, he held the post of Secretary in the Department of Financial Services under the Ministry of Finance.
Sanjay Malhotra Succeeds Shaktikanta Das
Shaktikanta Das was appointed as the 25th governor of the RBI on December 12, 2018, after the abrupt exit of Urjit Patel.
He was granted an extension after completing three-year terms in office.
Das, while unveiling bi-monthly policy last week, made it clear that the RBI has been acting as per the flexibility offered by the statutes to the central bank and that its effort is to keep the inflation horse on a tight leash.
Over the past six years, Das has dealt with a slew of challenges, including Covid-19 and wars in Ukraine and the Middle East.
He has been awarded the central banker of the year for two successive terms at global forums for his deft navigation of the fastest growing major economy in the world.
Last week, the Minister of State for Finance Pankaj Chaudhary, in a written response to the Lok Sabha, revealed that the government has uncovered a massive Rs 824.14 crore Goods and Services Tax (GST) evasion involving 17 cryptocurrency exchanges in India.
