The RBI has announced Sanjay Malhotra as its new governor. Shaktikanta Das, who is scheduled to finish his current term on December 10, will be replaced by Malhotra, an IAS officer from the 1990 batch.
With extensive administrative experience in a variety of industries, including finance, taxation, power, and information technology, Malhotra is a 1990-batch Indian Administrative Service (IAS) officer of the Rajasthan cadre. He has been instrumental in the development of direct and indirect tax policies while holding the position of Revenue Secretary in the Ministry of Finance.
Offices held before appointment as governor
Before his current role, Malhotra was Secretary in the Department of Financial Services, where he oversaw India’s financial and banking sectors. His earlier tenure as Chairman and Managing Director of state-run REC Ltd. saw the company through significant growth phases.
Malhotra oversaw the government’s non-tax revenue streams, which included service fees, dividends from public sector companies (PSUs), and interest on loans, in addition to taxes.
Shaktikanta Das’ attempt for new term
The governmnet announced Sanjay Malhotra as the 26th Governor of the RBI (Reserve Bank of India), taking the helm from former RBI Governor Shaktikanta Das.
There has been a lot of conjecture for a month, and it intensified over the weekend after Das’s visit to Delhi. Sources claim that the visit might have been a courtesy call to acknowledge his efforts or related to discussions regarding his extension.
Appointments Committee of the Cabinet has appointed Revenue Secretary Sanjay Malhotra as the next Governor of the Reserve Bank of India for a three-year term from 11.12.2024 pic.twitter.com/4UfunEGEuH
— ANI (@ANI) December 9, 2024
Shaktikanta Das took over from Urjit Patel
Following the contentious resignation of his predecessor, Urjit Patel, when the RBI and the government couldn’t agree on matters like banking regulations and fiscal policy, Das was appointed as the 25th governor in 2018.
Das assumed leadership with a tactful but firm stance, highlighting the RBI’s independence while keeping the lines of communication open with the government.
