New Delhi (09.12.2024): The incumbent Revenue Secretary Sanjay Malhotra (IAS: 1990: RJ), probably the youngest bureaucrat attaining this feet, has been appointed as 26th Governor of Reserve Bank of India for a three-year term, commencing Wednesday. Malhotra is currently serving as Revenue Secretary in the Ministry of Finance (MoF). He will take over from Shaktikanta Das, who concludes his term on December 10, 2024. Das assumed the position 12.12.2018 following Urjit Patel's abrupt exit amid disagreements between the RBI and government regarding surplus transfer matters.
In his more than three-decade career as IAS officer which now he will have to quit to take over as the RBI governor, Malhotra served as secretary in the Department of Financial Services and worked in sectors including power, finance and taxation, information technology, and mines.
Malhotra studied engineering in computer science from the Indian Institute of Technology, Kanpur, and completed his Master’s in Public Policy from the Princeton University, US. Interestingly the outgoing RBI Governor Shaktikanta Das (Retd IAS: 1980: TN) was a history student who exhibited a successful administrative acumen in handling the RBI.
Malhotra's appointment comes amid challenges when the RBI has to balance its inflation-targeting goals with supporting growth through cut in interest rates.
It may further be underlined that he entry of 56-year-old Malhotra coincides with the prospect of yet another new entrant in the top-decision making of the RBI as Deputy Governor Michael Patra’s tenure, too, is coming to an end in January and the government has already advertised for the post. With just two months to go for the Budget, the government will also have to appoint a new Revenue Secretary in place of Malhotra who has spearheaded the Department since 01.12.2022.
ALSO READ
