Sanjay Malhotra will be the 26th Governor of the Reserve Bank of India, will replace Shaktikanta Das

New Delhi : The Appointments Committee of the Cabinet has approved the appointment of Sanjay Malhotra, a 1990 batch IAS officer and currently serving as Secretary, Department of Revenue, as Governor of the Reserve Bank of India. His term will be for three years. He will replace Shaktikanta Das.

Let us inform you about the new RBI Governor.

Revenue Secretary Sanjay Malhotra will be the new Governor of the Reserve Bank of India. He will replace the current Governor Shaktikanta Das. The Appointments Committee of the Cabinet has approved the appointment of Sanjay Malhotra, a 1990 batch IAS officer and currently serving as Secretary, Department of Revenue, as Governor. His term will be for three years. This term will be effective from December 11, 2024. He will replace Shaktikanta Das, who has completed two terms as RBI Governor.

IAS officer Sanjay Malhotra has over 33 years of experience in key sectors including finance, taxation, power, information technology and mining. Veteran bureaucrat Malhotra will be the 26th governor of the apex bank, replacing Das, whose term is set to end on Tuesday December 10 , 2024 . Das, who was appointed as RBI Governor in December 2018, has surpassed the standard five-year term in recent decades. Malhotra, a 1990 batch Rajasthan cadre IAS officer, will assume charge on December 11, 2024 for a term of three years, the Appointments Committee of the Cabinet said in a notification.

Malhotra’s appointment comes at a crucial juncture when the RBI is grappling with challenges such as inflation control and slowdown in economic growth. Malhotra is currently serving as Secretary (Revenue) in the Ministry of Finance. Prior to this, he also held the post of Secretary in the Department of Financial Services.

An engineering graduate in computer science from the Indian Institute of Technology (IIT) Kanpur, Malhotra also holds a master’s degree in public policy from Princeton University, US. His career has been in key roles in both state and central governments, where he has shaped policies across various sectors.

As Revenue Secretary since December 2022, Malhotra has played a key role in formulating tax policies for both direct and indirect taxes. His leadership has played a key role in boosting tax collections, a key factor in India’s fiscal health. Malhotra also served as ex-officio Secretary of the GST Council, the body responsible for managing the Goods and Services Tax (GST) framework in India.

Shaktikanta Das – Photo: PTI

When we talk about the 25th RBI Governor Shaktikanta Das, his term ends on Tuesday December 10 , 2024. Das was a key official in Prime Minister Narendra Modi’s administration before his appointment to the Reserve Bank. He played a key role during the strained relations between the government and the central bank.

Before becoming the RBI governor, Shaktikanta Das also served as a member of the 15th Finance Commission and India’s G20 Sherpa. With over four decades of experience in governance, he has held key roles in both the central and state governments, focusing on finance, taxation, industry and infrastructure.

During his tenure in the Finance Ministry, Das was actively involved in preparing eight Union Budgets, reflecting his deep expertise in fiscal policy.

He is a postgraduate from St. Stephen’s College, University of Delhi. After taking charge at the Mint Street office, Das quickly restored confidence in the markets, which were shaken by the sudden resignation of his predecessor Urjit Patel amid a dispute between the RBI and the government over surplus transfer issues. His steady leadership helped ease tensions and set the stage for greater cooperation between the central bank and the government.