The central government has appointed Sanjay Malhotra as the new Governor of the Reserve Bank of India (RBI). Malhotra will succeed Shaktikanta Das, whose term is set to conclude on December 10, 2024. Malhotra’s appointment makes him the 26th governor of India’s central bank.
1990-batch IAS officer
Sanjay Malhotra, a 1990-batch Indian Administrative Service (IAS) officer from the Rajasthan cadre, is an accomplished civil servant with a distinguished career spanning over 33 years. He holds a Bachelor’s degree in Computer Science from IIT Kanpur and earned a Master’s in Public Policy from Princeton University, USA.
Throughout his extensive career, Malhotra has worked in a variety of sectors, including power, finance, taxation, information technology, and mining. He currently serves as the Secretary (Revenue) in the Ministry of Finance, where he plays a significant role in shaping tax policies, including direct and indirect taxation systems. Prior to this, Malhotra was the Secretary in the Department of Financial Services under the Ministry of Finance.
Experience of Sanjay Malhotra in finance and taxation
Malhotra’s experience spans both state and central government levels, particularly in finance and taxation. As Revenue Secretary, he has been instrumental in formulating key tax policies, contributing to the country’s financial landscape. His leadership in the Department of Revenue has been critical to shaping India’s tax framework.
Sanjay Malhotra assumes the role of RBI Governor at a time when the central bank faces significant challenges. There is increasing pressure on the RBI to reduce interest rates, as economic growth has slowed to a seven-quarter low of 5.4% during the July-September period. Under Shaktikanta Das, the RBI had kept interest rates steady for nearly two years, citing inflationary risks.
Malhotra’s expertise in finance, taxation, and governance, combined with his diverse experience across various sectors, positions him to navigate the complex challenges facing India’s central bank in the coming years.
Also Read: Sanjay Malhotra Appointed As New RBI Governor Replaces Shatikanta Das
