New Delhi: Sanjay Malhotra, a 1990-batch IAS officer from the Rajasthan cadre, has been appointed as the new governor of the Reserve Bank of India (RBI) for a three-year term, starting December 11, 2024. He is currently serving as revenue secretary in the Ministry of Finance.
As revenue secretary, Malhotra has handled tax policies related to both direct and indirect taxes. His extensive career spans various sectors, including power, finance, taxation, information technology, and mines. Malhotra holds a degree in computer science engineering from the Indian Institute of Technology (IIT) Kanpur and a Master’s in Public Policy from Princeton University, USA.
Appointments Committee of the Cabinet has approved the appointment of Sanjay Malhotra as the next governor of the Reserve Bank of India (RBI). Photo: Special Arrangement
Malhotra will succeed Shaktikanta Das, who had a six-year stint at the RBI. In its latest Monetary Policy Committee meeting, the RBI kept the benchmark repo rate unchanged but cut the Cash Reserve Ratio (CRR) by 50 basis points to augment liquidity in the system.
The new RBI governor will face the challenge of balancing growth expectations with high inflation numbers, as India’s economic growth slowed to 5.4% in the July-September quarter, marking the lowest growth rate in seven quarters.
