Sanjay Malhotra appointed as New RBI Governor

Revenue Secretary Sanjay Malhotra has been appointed as the Reserve Bank of India’s (RBI) 26th Governor for a three year term, according to an official notification released by the Centre’s Cabinet Committee on Monday. Malhotra will take over from Shaktikanta Das, whose tenure will end on Tuesday.

He takes over amid high inflation and declining GDP, confronted with the problem of balancing economic recovery with price stability.

Sanjay Malhotra, a 1990-batch IAS officer from the Rajasthan cadre, has extensive public service experience. His academic credentials include a degree in Computer Science Engineering from the Indian Institute of Technology (IIT), Kanpur, as well as a Master’s in Public Policy from Princeton University in the United States.

Malhotra has 33 years of experience in a variety of industries, including power, finance and taxation, information technology, and mining. He is currently the Secretary (Revenue) at the Ministry of Finance and was previously the Secretary of the Department of Financial Services within the same ministry. His nomination as Revenue Secretary in October 2022 signified a significant shift, replacing Tarun Bajaj.

Sanjay Malhotra replaces Shaktikanta Das, the RBI’s 25th Governor, who took office on December 12, 2018. Das, an experienced economic policymaker, led India’s central bank during difficult periods, including the COVID-19 pandemic and geopolitical concerns such as the Ukraine conflict.

During his term, Das prioritized economic stability, keeping inflation under control, and promoting growth. He was named “Central Banker of the Year” for two consecutive years for his leadership in directing India’s fast developing economy.

As Malhotra prepares to take over, his diverse experience and strong leadership are expected to strengthen the RBI’s ongoing efforts to control inflation, ensure financial stability, and promote economic growth. Analysts expect monetary policies to remain consistent while dealing with new obstacles, such as global economic headwinds.