Revenue Secretary Sanjay Malhotra has been designated as the new Governor of the Reserve Bank of India (RBI), as announced on December 9. He will assume this role for a term of three years, succeeding Shaktikanta Das, who was anticipated to receive an extension for a third term, potentially extending his tenure until December 2026. Malhotra brings over 33 years of diverse experience, having demonstrated leadership in sectors including power, finance, taxation, information technology, and mining. Currently, he holds the position of Secretary (Revenue) in the Ministry of Finance and has previously served as Secretary in the Department of Financial Services within the same ministry. His extensive knowledge in finance and taxation at both state and national levels has been instrumental in formulating tax policies for both direct and indirect taxes, highlighting his qualifications to lead India’s central bank effectively.
An Indian Administrative Service Officer from the 1990 Rajasthan Cadre batch, Malhotra possesses an engineering degree in Computer Science from IIT Kanpur and a Master’s degree in Public Policy from Princeton University in the United States. The transition at the RBI occurs as Shaktikanta Das was expected to extend his tenure, which would have positioned him among the longest-serving governors in the institution’s history; however, Malhotra’s appointment marks the beginning of a new era for India’s central banking framework.
