Sanjay Malhotra Appointed as New RBI Governor
Sanjay Malhotra, a 1990-batch Indian Administrative Service (IAS) officer, has been appointed as the 26th Governor of the Reserve Bank of India (RBI) by the Appointments Committee of the Cabinet. His term will span three years.
Currently serving as the Revenue Secretary in the Ministry of Finance, Malhotra brings over 33 years of diverse experience in sectors such as finance, taxation, power, information technology, and mining.
An alumnus of the Indian Institute of Technology (IIT) Kanpur, where he earned his engineering degree in computer science, Malhotra also holds a master’s degree in public policy from Princeton University in the United States. His career has seen him take on key roles at both the state and central government levels, shaping policies that have impacted multiple industries.
Prior to his current role, Malhotra oversaw India’s banking and financial industries as the Secretary of the Department of Financial Services. The state-owned REC Ltd. saw tremendous expansion during his previous term as chairman and managing director.
As Revenue Secretary since December 2022, Malhotra has been instrumental in crafting tax policies for both direct and indirect taxes. His leadership has greatly contributed to improved tax collections, which are crucial to India’s fiscal health.
In addition to his tax work, Malhotra served as the ex-officio Secretary of the GST Council, where he helped navigate the fiscal challenges of balancing state and central tax requirements while upholding the integrity of India’s GST system.
Malhotra’s responsibilities also extended to overseeing the government’s non-tax revenue sources, including income from loan interest, dividends from public sector enterprises, and service charges.
As the new RBI Governor, Malhotra will be tasked with addressing the challenges of inflation and fostering stable economic growth. His extensive background in fiscal policy, taxation, and financial services is expected to play a crucial role in guiding India’s monetary policies in the face of global economic uncertainty.
