Change of Guard: Revenue Secretary Sanjay Malhotra Appointed as New RBI Governor

Sanjay Malhotra, a seasoned bureaucrat and a 1990-batch Indian Administrative Service (IAS) officer from the Rajasthan cadre, has been appointed as the new Governor of the Reserve Bank of India (RBI). The announcement was made by the government, confirming that Mr. Malhotra will assume office on Wednesday for a three-year term.

An Accomplished Career

Mr. Malhotra, a Computer Science graduate from the Indian Institute of Technology (IIT) Kanpur, also holds a Master’s in Public Policy from Princeton University, USA. With over 33 years of experience, he has served in diverse sectors such as power, finance, taxation, information technology, and mining. His extensive background includes roles at both state and central government levels.

Before his current role, Mr. Malhotra was the Secretary in the Department of Financial Services. He has been instrumental in shaping tax policies for direct and indirect taxes, as noted on the Department of Revenue’s official website.

Taking Over the Reins

Mr. Malhotra succeeds Shaktikanta Das, the 25th Governor of the RBI, whose tenure ends on Tuesday. Mr. Das, who took charge in December 2018 following the abrupt resignation of Urjit Patel, was credited with stabilizing market confidence during a period of tension between the RBI and the government. Under Mr. Das’s leadership, the RBI navigated significant economic challenges and saw his tenure extended after completing his initial three-year term.

Challenges Ahead

As Mr. Malhotra steps into this pivotal role, the financial sector anticipates continuity in the policy measures and strategies that have steered the Indian economy through uncertain times. His expertise in public finance, taxation, and policy-making is expected to bring fresh insights to the central bank’s operations.