Sanjay Malhotra, an Indian Administrative Service (IAS) officer from the 1990 batch of Rajasthan Cadre, has been appointed as the 26th Governor of the Reserve Bank of India (RBI). The Cabinet’s Appointments Committee approved his appointment for a three-year term, beginning from 11th December 2024. Malhotra will succeed Shaktikanta Das, whose tenure ends on 10th December 2024. Malhotra’s vast experience and expertise, particularly in finance, taxation, and public policy, make him well-positioned to steer India’s central banking institution through challenging economic times.
About Sanjay Malhotra: A Visionary Leader with a Multi-Sectoral Background
A distinguished officer, Malhotra brings over 33 years of experience to the table, with a career spanning crucial sectors such as finance, taxation, power, information technology, and mining. Malhotra is an engineering graduate in Computer Science from IIT Kanpur and holds a Master’s in Public Policy from Princeton University, USA. His career trajectory includes key roles in both State and Central Government, where he has shaped policies that balance fiscal needs with developmental goals.
Currently serving as the Revenue Secretary in the Ministry of Finance, Malhotra has been instrumental in shaping India’s tax policies, especially in direct and indirect taxes, significantly boosting the country’s fiscal health. His leadership has also been crucial in managing the Goods and Services Tax (GST) framework, where he played a pivotal role as ex-officio Secretary to the GST Council. Malhotra has also overseen the management of non-tax revenue sources such as interest from loans, PSU dividends, and service fees.
Challenges Ahead: Steering the RBI in Uncertain Economic Waters
As he takes over the helm of the RBI, Malhotra will face the pressing challenge of managing inflation and ensuring stable economic growth amidst global economic volatility. His vast expertise in fiscal policymaking, tax administration, and financial services will likely influence India’s monetary policies and help navigate the complex macroeconomic landscape.
Sanjay Malhotra’s appointment marks a new chapter for India’s central bank. With his strong background in Governance and finance, Malhotra is expected to lead the RBI through a crucial phase, continuing the work of his predecessor, Shaktikanta Das, who successfully stabilized the economy after the sudden resignation of the previous RBI Governor.
