Sanjay Malhotra, currently serving as the revenue secretary in the Union finance ministry and an officer of the Indian Administrative Services (IAS), has been appointed as the new governor of the Reserve Bank of India (RBI). He will be the 26th individual to hold this position, taking over from Shaktikanta Das, who has been in office since December 2018. The Appoint
ments Committee of the Cabinet has approved Mr. Malhotra’s appointment, which will last for three years, beginning Wednesday. Mr. Das’s term will conclude on Tuesday, December 10th. Mr. Malhotra, a 1990 batch IAS officer from the Rajasthan Cadre, holds an engineering degree in computer science from the Indian Institute of Technology, Kanpur (IIT-K) and a Master’s in Public Policy from Princeton University in the United States. He will be succeeding Shaktikanta Das, who has led India’s central bank for the past six years.
Who is Sanjay Malhotra?
Sanjay Malhotra is an Indian Administrative Service (IAS) officer from the 1990 batch, specifically from the Rajasthan cadre. Recently, the Appointments Committee of the Cabinet (ACC), led by Prime Minister Narendra Modi, sanctioned his appointment as the governor of the Reserve Bank of India (RBI) for a term of three years, commencing on December 11, 2024, as stated in an order by Manish Saxena, the ACC secretary.
Malhotra, an alumnus of IIT Kanpur, previously held the position of financial services secretary within the Department of Financial Services (DFS) before being designated as the officer on special duty (OSD) in the revenue department on October 19, 2022. This appointment was made to facilitate a transition from the outgoing revenue secretary,
Tarun Bajaj, who was set to retire on November 30. Malhotra officially assumed the role of revenue secretary on December 1, 2022, with a tenure extending until February 29, 2028. Throughout his extensive bureaucratic career, he has gained experience across various sectors, including power, finance, taxation, information technology, and mining.
Before his appointment to the Department of Financial Services (DFS), a division of the Union finance ministry, on February 8, 2022, Malhotra served as the chairman and managing director of REC Ltd. He holds an engineering degree in computer science from the Indian Institute of Technology (IIT), Kanpur, and a master’s degree in public policy from Princeton University, as noted on the Reserve Bank of India’s website. In his capacity as the secretary of DFS,
Malhotra was also a director on the Central Board of the Reserve Bank of India (RBI). Governor Das, who is set to retire after six years in the role, is recognized as one of the longest-serving governors of the central bank. Prior to this, Das was an Indian Administrative Service (IAS) officer and had managed both the revenue and economic affairs portfolios within the Ministry of Finance. He took office as the 25th governor on December 12, 2018, while simultaneously serving as a member of the 15th Finance Commission and as India’s G20 Sherpa.
EDUCATIONAL BACKGROUND:
- Malhotra holds a degree in Computer Science Engineering from the Indian Institute of Technology, Kanpur, showcasing a strong technical foundation.
- He further advanced his education by obtaining a master’s degree in Public Policy from Princeton University in the United States.
- His professional expertise encompasses key domains such as public finance, energy reforms, and economic administration.
- Since December 2022, he has served as Revenue Secretary, playing a crucial role in the development of tax policies related to both direct and indirect taxation.
- Malhotra’s diverse educational and professional background positions him as a significant contributor to fiscal policy formulation and implementation.
Malhotra’s selection during a period of economic difficulties:
- The appointment of Malhotra occurs at a pivotal moment when the Reserve Bank of India is confronted with significant issues, including the management of inflation and a deceleration in economic growth.
- Presently, he holds the position of Secretary (Revenue) within the Ministry of Finance.
- Malhotra has previously occupied important roles, such as Secretary in the Department of Financial Services.
- Additionally, he has served as Additional Secretary in the Ministry of Power, showcasing his extensive experience in various governmental capacities.
- His diverse background positions him to address the pressing economic challenges faced by the RBI effectively.
FAQ
Who is Sanjay Malhotra?
Sanjay Malhotra is an Indian Administrative Service (IAS) officer from the 1990 batch, currently appointed as the Governor of the Reserve Bank of India (RBI). He previously served as Revenue Secretary in the Ministry of Finance and has held senior positions in various government departments, including financial services, power, and mining.
What are his educational qualifications?
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.
What previous positions has he held?
Before being appointed RBI Governor, Malhotra was the Revenue Secretary (since December 2022) and the Secretary of the Department of Financial Services (DFS). He also served as the Chairman and Managing Director of REC Ltd.
What is his career background?
Malhotra has extensive experience in public finance, taxation, energy reforms, and economic administration. He has worked in diverse sectors including power, finance, information technology, and mining, making him a well-rounded bureaucrat.
What challenges will Malhotra face as RBI Governor?
Malhotra takes charge of the RBI at a critical juncture, with the country facing economic challenges such as inflation management, slowing economic growth, and fiscal reforms.
When does Malhotra begin his tenure as RBI Governor?
Malhotra’s tenure as the 26th Governor of the RBI begins on December 11, 2024, following the completion of Shaktikanta Das’s term on December 10, 2024.
Who was the previous RBI Governor?
The previous Governor of the RBI was Shaktikanta Das, who served from December 2018 until his retirement in December 2024.
What is the significance of his appointment?
Malhotra’s appointment as RBI Governor comes at a time when India is navigating complex economic issues, and his diverse background in public finance and administration positions him to effectively address these challenges.
