The government on Monday appointed Sanjay Malhotra, Secretary (Revenue) in the Ministry of Finance, as the next Governor of the Reserve Bank of India (RBI). Malhotra will succeed Shaktikanta Das, who served as the RBI Governor since December 2018, making him the second-longest serving Governor after Benegal Rama Rau.
Das's tenure as RBI Governor was marked by significant decisions during the pandemic and efforts to manage inflation, financial stability, and the challenges posed by the global economic situation. His term included overseeing critical monetary policies and steering the central bank through periods of uncertainty in India’s financial system. Before taking on the RBI role, Das was the Secretary of the Department of Economic Affairs, contributing to major reforms like the Goods and Services Tax (GST).
Sanjay Malhotra, known for his expertise in economic policy, will now take over the central bank’s leadership. Malhotra's experience as a senior bureaucrat in the Ministry of Finance, particularly in the revenue department, is expected to guide him in handling the country’s monetary policy and banking sector reforms. His appointment follows discussions about the direction of the RBI under new leadership amidst evolving global and domestic economic conditions.
