New Delhi, December 9, 2024 — The Government of India has appointed Revenue Secretary Sanjay Malhotra as the 26th Governor of the Reserve Bank of India (RBI). Malhotra, a 1990-batch Indian Administrative Service (IAS) officer from the Rajasthan cadre, will commence his three-year term on December 12, 2024, succeeding Shaktikanta Das.
The Appointments Committee of the Cabinet confirmed Malhotra’s appointment through an official notification. Prior to this role, Malhotra served as the Revenue Secretary, where he played a pivotal role in enhancing tax collections and formulating tax-related proposals for the national budget. His tenure also included serving as Secretary in the Department of Financial Services, overseeing significant reforms in the banking and financial sectors.
Malhotra’s extensive experience includes his tenure as Chairman and Managing Director of REC Limited, a state-run enterprise specializing in power sector financing. His leadership contributed to the company’s growth and stability during his service.
Outgoing Governor Shaktikanta Das, appointed in December 2018, led the RBI through notable economic challenges, including the COVID-19 pandemic. A retired 1980-batch IAS officer of the Tamil Nadu cadre, Das previously held positions such as Economic Affairs Secretary and Revenue Secretary. His tenure was marked by efforts to stabilize the economy and implement key financial reforms.
The transition in leadership at the RBI comes at a critical juncture for India’s economy, with expectations that Malhotra’s extensive administrative and financial expertise will guide the central bank in navigating forthcoming economic challenges.
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