Sanjay Malhotra appointed as New RBI Governor, succeeding Shaktikanta Das

The central government has appointed Sanjay Malhotra as the next Governor of the Reserve Bank of India (RBI). Malhotra, currently serving as the Revenue Secretary, will take over from Shaktikanta Das, whose term concludes on December 10, 2024. The appointment will be effective from December 11, 2024, for a three-year tenure.

Sanjay Malhotra is a 1990 batch IAS officer from the Rajasthan cadre. He holds an electrical engineering degree from IIT Kanpur and a master’s in public policy from Princeton University. Throughout his career, Malhotra has held several significant roles, including Chairman and Managing Director of REC Limited, Secretary in the Department of Financial Services, and most recently, Revenue Secretary in the Ministry of Finance. In addition to his current responsibilities, he was given the additional charge of Secretary for the Ministry of Corporate Affairs in April 2023.

The announcement came amidst speculation that Shaktikanta Das's tenure might not be extended. During his six years as RBI Governor, Das faced multiple challenges, including navigating the economic fallout of the COVID-19 pandemic and geopolitical crises like the war in Ukraine. His decision to keep key rates unchanged despite pressure to stimulate growth was met with criticism from both the industry and government. Under his leadership, the RBI maintained a tight stance on inflation, keeping the repo rate at 6.5% for the 11th consecutive time in the latest Monetary Policy Committee meeting.