Revenue Secretary Sanjay Malhotra Appointed New RBI Governor

Sanjay Malhotra, a 1990-batch Indian Administrative Service (IAS) officer, has been appointed as the new Governor of the Reserve Bank of India (RBI) for a three-year term. His appointment comes after the tenure of Shaktikanta Das, who is stepping down.

Currently serving as the Revenue Secretary in the Ministry of Finance, Malhotra brings over 33 years of experience across key sectors such as finance, taxation, power, information technology, and mining. A graduate in Computer Science from the Indian Institute of Technology (IIT) Kanpur, Malhotra also holds a master’s degree in Public Policy from Princeton University.

Throughout his career, Malhotra has held crucial roles in both state and central governments, shaping policies in various fields. Before his current position, he served as the Secretary of the Department of Financial Services, where he played a key role in overseeing India’s financial and banking sectors. As Chairman and Managing Director of state-run REC Ltd., Malhotra led the company through significant growth phases.

Since becoming Revenue Secretary in December 2022, Malhotra has been instrumental in formulating policies for both direct and indirect taxes. His leadership has been pivotal in driving strong tax collections, which are vital for India’s fiscal health. Additionally, Malhotra has served as the ex-officio Secretary to the GST Council, overseeing India’s Goods and Services Tax framework and balancing the fiscal needs of states with the national tax system.

As the new RBI Governor, Malhotra will now face the dual challenge of managing inflation and ensuring stable economic growth, with his extensive background in fiscal policymaking and financial services expected to influence India’s monetary policies amid global economic uncertainties.