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Sanjay Malhotra Appointed As 26th RBI Governor Photo: X/@nabilajamal_ Sanjay Malhotra Appointed As 26th RBI Governor Photo: X/@nabilajamal_

The government on Monday appointed Revenue Secretary Sanjay Malhotra as the 26th Governor of the Reserve Bank of India (RBI). The Appointments Committee of the Cabinet approved Malhotra’s appointmentdiamond game, which will take effect on Wednesday.

Malhotra, a 1990-batch IAS officer from the Rajasthan cadre, succeeds Shaktikanta Das, whose tenure ends on Tuesday, December 10, 2024.

The RBI, India’s central bank, is responsible for formulating and implementing monetary policy, regulating the banking system, and managing the country's foreign exchange reserves. The Governor of the RBI, appointed by the government of India, is the head of the institution. The Prime Minister nominates the candidate, and the President approves the appointment. The Governor serves a term of three years, with the possibility of reappointment for a second term, but not for a third.

Who is Sanjay Malhotra

Malhotra holds a degree in computer science engineering from the Indian Institute of Technology, Kanpur, and a Master’s in Public Policy from Princeton University in the United States. With over 33 years of experience, he has worked across various sectors, including power, finance and taxation, information technology, and mines, among others.

Currently, Malhotra serves as the Secretary (Revenue) in the Ministry of Finance. Previously, he was the Secretary in the Department of Financial Services under the Ministry of Finance, where he gained experience in finance and taxation at both the state and central government levels. In his current role, he plays a key part in formulating tax policy for direct and indirect taxes.

Shaktikanta Das' Tenure

Shaktikanta Das, who was appointed the 25th RBI Governor on December 12, 2018, following the sudden resignation of Urjit Patel, was granted an extension after completing his initial three-year term. His extended tenure ends on Tuesday. 

During his career as an IAS officerdiamond game, Das served in various capacities for both the Central and Tamil Nadu State governments, including as Economic Affairs Secretary, Revenue Secretary, and Fertilizers Secretary. Das took charge of the RBI during a period of market uncertainty following Patel’s resignation amid a dispute between the RBI and the government over surplus transfer issues.

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