Modi government appoints Sanjay Malhotra as new RBI Governor
What's the story
Sanjay Malhotra, a veteran bureaucrat and a 1990-batch IAS officer, has been appointed as the new Governor of the Reserve Bank of India (RBI).
He will be succeeding Shaktikanta Das, whose term is due to end tomorrow.
Malhotra's three-year term will begin on December 11.
The Indian government made the announcement today, putting an end to speculations about a possible extension for Das.
Problems
Malhotra's appointment amid economic challenges
Malhotra's appointment comes at a critical juncture as the RBI is dealing with problems like controlling inflation and slowing economic growth.
He is currently serving as Secretary (Revenue) in the Ministry of Finance.
He has also served in key positions like Secretary in the Department of Financial Services and Additional Secretary in the Ministry of Power.
Professional journey
Malhotra's educational background and expertise
Malhotra is an IIT Kanpur alumnus with a degree in Computer Science Engineering.
He also has a master's degree in Public Policy from Princeton University, US.
His areas of expertise include public finance, energy reforms, and economic administration.
As Revenue Secretary since December 2022, he has been instrumental in formulating tax policies for direct and indirect taxes.
Profile
Outgoing RBI Governor Das's tenure and achievements
Das, the outgoing RBI Governor, was appointed in December 2018 and has served beyond the usual five-year term.
Before joining the RBI, he was a top official in Prime Minister Narendra Modi's government.
He was also a Member of the 15th Finance Commission and India's G20 Sherpa. At the Ministry of Finance, Das played an active role in preparing eight Union Budgets.