New RBI Governor: Govt appoints revenue secretary Sanjay Malhotra for a 3 year term

In a major development, the Department of Personnel and Training (DoPT) has announced Sanjay Malhotra as the next Governor of the Reserve Bank of India (RBI) for a three-year term. The notification, issued on Monday, December 9, 2024, confirms the elevation of Malhotra, a 1990 batch IAS officer from the Rajasthan cadre.

His appointment comes at a time when inflation is above the RBI’s comfort zone of 4% and there is pressure from the government to cut rates to give growth a chance given the latest gross domestic product (GDP) numbers.

Currently serving as Revenue Secretary, Malhotra has played a significant role in boosting India’s tax collections. As an ex-officio Secretary to the GST Council, he has navigated complex issues, balancing states’ expectations on the Goods and Services Tax.

Before his current role, Sanjay Malhotra served as Secretary in the Department of Financial Services, spearheading critical reforms and policy initiatives in the banking and financial sectors.

Earlier, as Additional Secretary in the Ministry of Power, he played a key role in implementing the ₹3 lakh crore power distribution reform, driving efficiency and sustainability in the sector.

Before his tenure in the Finance Ministry, Malhotra served as Chairman and Managing Director of state-run REC Ltd, showcasing his expertise in public finance and administration.

An alumnus of IIT Kanpur, Malhotra also holds a master’s degree in public policy from Princeton University, US. As RBI Governor, he will play a critical role in shaping India’s monetary policies and overseeing key tax-related proposals for the upcoming Union Budget.

The outgoing RBI Governor Shaktikanta Das was appointed on December 11, 2018, succeeding Urjit Patel.

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