Who is RBI's new governor Sanjay Malhotra?
The central government has appointed experienced officer Sanjay Malhotra as the new governor of the Reserve Bank. Accordingly, Sanjay Malhotra will take office as the 26th governor of the Reserve Bank. The tenure of the current governor Das is ending. After the sudden departure of Urjit Patel, Shaktikanta Das was appointed as the 25th governor of the Reserve bank on december 12, 2018. Malhotra, a 1990-batch IAS officer from the rajasthan cadre, who has now taken charge as the 26th governor, holds a degree in computer science engineering from the prestigious indian Institute of technology (IIT) and a master's degree in public policy from Princeton university in the US. Sanjay Malhotra, who was appointed as the governor of the Reserve bank of india, is currently working as the Revenue Secretary in the Union Finance Ministry. He takes charge with over thirty years of experience. The current governor, Shaktikanta Das, is set to resign tomorrow. Sanjay Malhotra, who will take charge on december 11, will have a tenure of 3 years. Malhotra is currently the Revenue Secretary in the Union Finance Ministry.
He has over 33 years of experience in various fields including finance, taxation, power, information technology, and mining. Malhotra graduated from the indian Institute of technology, Kanpur, and did his Masters in Public Policy from Preston university in the US. Malhotra has held important positions under the Central and State governments and has also made important contributions to policy formulation in various sectors. Currently, he is overseeing the finance and banking sectors in india as the Secretary of the Department of Financial Services. Before assuming this responsibility, he served as the Chairman and Managing director of the public sector undertaking REC. Under his leadership, the company has grown immensely. He has been serving as the Revenue Secretary since 2022. Malhotra has made significant contributions in formulating direct and indirect tax policies. His interventions have helped in regularizing tax collection and thereby increasing the economic growth of the country. Malhotra has also served as the former Secretary of the GST Council. This body manages the structure of the Goods and services Tax in the country. Although the fiscal needs of the states sometimes conflict, he has been able to make balanced decisions by maintaining transparency in the national tax structure. Apart from taxation, he also oversees the non-tax revenues of the government such as loan interest, dividends of public sector units, and service charges. Malhotra data-faces major challenges such as boosting the pace of economic growth in the country, which has slowed down recently, and controlling inflation.
However, his deep experience is expected to be an asset in policymaking. His appointment comes at a crucial juncture when the RBI is facing challenges such as controlling inflation and slowing economic growth. Meanwhile, Shaktikanta Das, who took office in 2018, was given an extension after completing his three-year term. His term now ends tomorrow. Earlier, Patel's sudden resignation, soon after taking charge of the Mint Street office, had given the market confidence amid a standoff between the RBI and the government over the surplus transfer issue. Before becoming the RBI governor, Shaktikanta Das served as a member of the 15th Finance Commission and India's G20 Sherpa. With over four decades of experience in administration, he has played key roles in central and state governments. He focused on finance, taxation, industries, and infrastructure. He is a post-graduate from St. Stephen's College, university of Delhi. It is noteworthy that during his tenure in the Finance Ministry, Das was actively involved in the formulation of 8 Union Budgets.