New Delhi, 9 December 2024: Revenue Secretary Sanjay Malhotra has been named the new Governor of the Reserve Bank of India (RBI) for a three-year term starting December 12, 2024, according to official documents shared by ANI.
The Appointments Committee of the Cabinet finalized his selection, marking the transition from the outgoing Governor Shaktikanta Das, whose six-year tenure places him as the second-longest-serving RBI Governor after Benegal Rama Rau’s seven-and-a-half-year stint in the 1950s.
The decision ends weeks of speculation fueled by delays in announcing a possible extension for Das, a pattern seen in previous terms. Historically, extensions for RBI Governors have been confirmed well ahead of time—Bimal Jalan’s extension came four months before his term’s end, D Subbarao’s a month prior, and Das himself was notified weeks before his extension in 2021.
A 1990-batch Indian Administrative Service (IAS) officer of the Rajasthan cadre, Malhotra brings over three decades of experience across sectors such as power, finance, taxation, IT, and mining. He earned a degree in Computer Science from the Indian Institute of Technology (IIT), Kanpur, and a Master’s in Public Policy from Princeton University. Before serving as Revenue Secretary, he held the role of Secretary in the Department of Financial Services.
Malhotra’s tenure as Revenue Secretary has been marked by significant contributions to the development of tax policy for both direct and indirect taxes, as highlighted by the Department of Revenue. His career reflects a blend of expertise at state and central levels, particularly in finance and taxation, positioning him as a seasoned leader to take over the central bank’s responsibilities.
Shaktikanta Das leaves behind a legacy of critical monetary decisions and crisis management, including his handling of economic challenges during the COVID-19 pandemic. His departure sets the stage for Malhotra to address pressing economic issues as he assumes leadership of India’s central banking authority.