The Revenue Secretary Sanjay Malhotra has been nominated as the incoming RBI Governor for a term of 3 years. He is scheduled to assume office on Wednesday, succeeding Shaktikanta Das, whose term ends on Tuesday. The government announced the appointment through an official statement.
An IAS officer of the 1990 batch, Mr. Malhotra is an IIT-Kanpur graduate in Computer Science and a Master’s graduate in Public Policy from Princeton University, USA. His career, which now covers over 33 years includes different fields, including power, taxation, finance, information technology, and mining.
Before assuming the position of Revenue Secretary, Mr. Malhotra previously served as the Secretary at the Department of Financial Services. Whilst in the office he acquired, for example, important knowledge of how the system of tax policy can be shaped, e.g., by policies surrounding direct or indirect aspects of taxation. Their deep knowledge of public finance and governance makes him a suitable candidate for new responsibilities as Governor of RBI.
Malhotra to set for incoming RBI governor, will succeed Das
Mr. Malhotra is succeeding Shaktikanta Das, the 25th Governor of RBI since December 2018. Mr. Das played a pivotal role in stabilizing markets following the abrupt resignation of his predecessor, Urjit Patel. His tenure included critical monetary policies and navigating economic challenges during the pandemic.
As the new Governor of RBI, Mr. Malhotra is to contend with many economic burdens such as inflation control, monetary action, and building financial stability, etc. His experience in administration and finance makes him adept at steering India’s central bank in a changing global and domestic economic panorama.
With the announcement of Mr.Malhotra’s appointment as the Governor of the Reserve Bank of India, a new era for the Reserve Bank of India begins. With his deep knowledge background, there is much hope for how India’s monetary policy and financial regulations will evolve under his watch.
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