Government Appoints Sanjay Malhotra as New RBI Governor

 New Delhi: The government on Monday appointed Revenue Secretary Sanjay Malhotra in the Union ministry of finance as the 26th governor of the Reserve Bank of India (RBI), for a three-year term beginning from Wednesday. Malhotra will replace Shaktikanta Das, the second longest serving RBI governor, after Sir Benegal Rama Rau’s seven-year plus tenure.

The decision on a new appointment of RBI governor was announced in an official statement by the government after the appointments committee of the cabinet (ACC) cleared Malhotra’s name. Malhotra is a 1990-batch Rajasthan cadre IAS officer and will replace Shaktikanta Das, whose tenure ends on Tuesday (December 10, 2024).

Malhotra, an engineering graduate in computer science from the Indian Institute of Technology, Kanpur, has a Master’s in Public Policy from Princeton University, US. With his leadership and excellence for over 33 years in his career, Malhotra has worked in multifarious sectors including power, finance and taxation, information technology, mines etc.

Presently, he is secretary (revenue) in the ministry of finance and in his previous assignment he also held the post of secretary in the department of financial services under the ministry of finance as well. As a part of his present assignment, he plays an instrumental role in tax policy formulation in respect of direct and indirect taxes.

Malothra will succeed the present RBI governor Shaktikanta Das, who was touted to be given an extension as the central bank governor for a third term, extending his leadership until December 2026. Das would have become one of the longest-serving governors in the RBI’s history, if his extension was granted.

Das was appointed as the 25th RBI governor on December 12, 2018, after the ‘abrupt exit’ of Urjit Patel. He was granted an extension after completing three-year terms in Office as his extended tenure ends on Tuesday.