Sanjay Malhotra appointed as new RBI governor

Sanjay Malhotra has been named the 26th Governor of the Reserve Bank of India (RBI). His three-year term will begin on Wednesday, 11 December 2024. He succeeds Shaktikanta Das, who served as Governor since December 2018.

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Malhotra, a 1990-batch IAS officer from the Rajasthan cadre, brings vast experience to the role. He holds a Computer Science degree from IIT-Kanpur. He also earned a Master’s in Public Policy from Princeton University.

A Seasoned Administrator

Malhotra has over 33 years of experience in multiple sectors. These include finance, power, IT, taxation, and mines. He has held key positions at both the central and state levels.

Before becoming Revenue Secretary in December 2022, he served as Secretary in the Department of Financial Services. There, he led important financial reforms and helped strengthen the banking sector. He also played a key role in boosting tax collections and was Secretary to the GST Council.

Strategic Leadership

Malhotra is known for his strategic thinking and leadership skills. He previously served as Chairman and Managing Director of the state-run REC (formerly Rural Electrification Corporation).

His appointment comes at a crucial time for the RBI. The Indian economy is facing major challenges. Inflation remains above the RBI’s target, and recent GDP figures have shown slower growth.

The government is under pressure to boost economic growth. Some officials are urging the RBI to cut interest rates. Lower rates could stimulate borrowing and investment. However, inflation control remains a top priority for the central bank.

Malhotra will need to balance these competing demands. His experience in finance and taxation will be key in navigating these challenges.

As the new Governor, Malhotra will shape India’s monetary policy for the next three years. His leadership will be closely watched by markets, policymakers, and investors. The coming months will test his ability to manage inflation while supporting growth.