Sanjay Malhotra, the Revenue Secretary, was named the Reserve Bank of India’s (RBI) new governor on Monday. According to the official announcement, Sanjay Malhotra has been named the next RBI Governor by the Appointments Committee of the Cabinet. He will take office on December 11, 2024, and serve a three-year tenure. Shaktikanta Das will be replaced by Sanjay Malhotra as the 26th governor of the Reserve Bank of India. On Tuesday, December 10, current RBI Governor Shaktikanta Das’s term ends.
Sanjay Malhotra is a 1990 batch Indian Administrative Service (IAS) officer. Additionally, he graduated from the Indian Institute of Technology (IIT), Kanpur, with a degree in computer science. At Princeton University in the United States, Malhotra also completed his Master’s degree in Public Policy.
Over the course of his 33-year career, Malhotra has worked in a variety of industries, including mines, information technology, banking and taxation, and power. He currently works for the Indian government at the Ministry of Finance as the Secretary of Revenue. Sanjay Malhotra has extensive knowledge of both state and federal taxation and finance. In his capacity as Revenue Secretary, he contributes significantly to the development of direct and indirect tax policies. Food prices have sent India’s headline inflation above the monetary policy committee’s (MPC) flexible target of 2 to 6 percent, which Malhotra will have to contend with. According to the Consumer Price Index (CPI), inflation increased from 5.49 percent in September to 6.21 percent in October.
The monetary policy committee (MPC) now expects retail inflation to soften to 4 per cent only by the September quarter of the financial year 2025-26. Governor Shaktikanta Das’s three-year tenure comes to an end on Tuesday. Shaktikanta Das was appointed as RBI’s 25th Governor after Urjit Patel’s abrupt exit in 2018.
