The Union Government has announced the appointment of Revenue Secretary Sanjay Malhotra as the 26th Governor of the Reserve Bank of India (RBI). He will succeed Shaktikanta Das, whose six-year term concludes on December 10, 2024.
About Sanjay Malhotra
Sanjay Malhotra is a 1990-batch Indian Administrative Service (IAS) officer of the Rajasthan cadre. He holds a degree in computer science engineering from the Indian Institute of Technology (IIT), Kanpur, and a Master’s in Public Policy from Princeton University, USA.
He is set to take charge on December 11, 2024, and will oversee critical aspects of India’s monetary policy and banking regulations during his tenure at the RBI headquarters in Mumbai.
Challenges Ahead for the New Governor Malhotra assumes office at a pivotal time for the Indian economy. Inflation has consistently exceeded the official target of 4% for nearly five years, posing significant challenges to economic stability. Additionally, growth has decelerated sharply in the second quarter of the current fiscal year, necessitating strategic monetary interventions.
His first monetary policy review is scheduled from February 5 to 7, 2025, where his approach to tackling these pressing economic issues will come under scrutiny.
About 25th RBI Governor Shaktikanta Das
Before taking the helm as the 25th Governor of the Reserve Bank of India (RBI), Shaktikanta Das held several prominent roles in governance. He served as a Member of the 15th Finance Commission and India’s G20 Sherpa, demonstrating his extensive expertise in economic policy and international collaboration.
With over 40 years of experience, Das has played significant roles in both central and state governments, focusing on key areas such as finance, taxation, industries, and infrastructure. During his tenure in the Ministry of Finance, he contributed to the preparation of eight Union Budgets, highlighting his deep understanding of fiscal management. A postgraduate from St. Stephen’s College, Delhi University, Das has been a pillar in India’s economic administration.
Das assumed office as RBI Governor during a turbulent period following the sudden resignation of his predecessor, Urjit Patel, amid disagreements between the government and the central bank over surplus transfer policies. His steady leadership helped rebuild market confidence and fostered a collaborative relationship between the RBI and the government.
Under his guidance, the RBI navigated several economic challenges, earning him recognition as a stabilizing force in India’s monetary and financial landscape.
RBI Update: 98% of Rs 2000 Notes Returned, But Legal Tender Status Remains