The Reserve Bank of India (RBI) has named Sanjay Malhotra as the 26th Governor of the Reserve Bank, effective December 13 for a period of three years. Malhotra who is an Indian Administrative Service (IAS) officer of 1990 Rajasthan Cadre has over 33 years experience in different sectors including finance, taxation, power, IT and mining. He was former Secretary in the Department of Financial Services.
Malhotra is an engineering graduate in Computer Science from IIT Kanpur, a Master’s in Public Policy from Princeton University and has been an instrumental forceshaper for tax policies for both direct tax and indirect tax. Buoyant tax collections on which India’s fiscal health has benefited from his contributions. Malhotra, as the ex officio Secretary to the GST Council, had a tough ride balancing the fiscal expectations of the states while making the national tax system work.
He was Chairman and Managing Director of REC Ltd during which the company grew to become a major player. Since December 2022, Malhotra has been Revenue Secretary and was instrumental in determining tax policies and ensuring their implementation.
In her hat as RBI Governor, Malhotra will have to balance inflation and steer economic growth. With his long experience in financial policy, taxation and governance, he can steer India’s economy through its emerging complexities.
Shaktikanta Das, whose term ends on December 10, has chosen Malhotra to succeed him. The 74-year old Das, who was the longest serving RBI Governor in recent generations, had earned global recognition by leading investors to give him an A+ rating in 2024, according to Global Finance. Malhotra’s appointment marks a change of guard at the central bank, despite speculation that Das could be set for a third term. For India, Monetarist policy and economic stability is crucial and Malhotra has taken charge during this critical time period when India’s economic growth trajectory hinges on these.
