Sanjay Malhotra is set to assume office as the new RBI Governor on December 11, 2024.
Sanjay Malhotra Appointed As New RBI Governor
Sanjay Malhotra has been appointed the new Governor of the Reserve Bank of India. With this new appointment it ends speculation over the possible extension of Shaktikanta Das’ term. Sanjay Malhotra, a seasoned bureaucrat will take over as the 26th RBI Governor. Shaktikanta Das’ tenure ends on December 10, 2024, surpassing the typical five-year tenure that has been customary in recent years.
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Sanjay Malhotra, a 1990 batch IAS officer from the Rajasthan cadre, serving as Secretary (Revenue) in the Ministry of Finance is set to assume office as the new RBI Governor on December 11, 2024, for a term of three years. Sanjay Malhotra brings with him a wealth of experience from his previous roles.
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Meanwhile, outgoing Governor Shaktikanta Das played a significant role in shaping India’s financial landscape during his tenure. Before assuming the top role at the RBI, he was an important figure in Prime Minister Narendra Modi’s administration. He has played a significant role in contributing to key economic and financial decisions. Shaktikanta Das had previously served as a member of the 15th Finance Commission and as India’s G20 Sherpa.
With more than four decades of experience in governance, he has held pivotal positions in both central and state governments, focusing on finance, taxation, industries, and infrastructure.
Shaktikanta Das is especially noted for his involvement in the crafting of eight Union Budgets during his tenure at the Ministry of Finance, underscoring his deep understanding of fiscal policy. He is an alumnus of St. Stephen’s College, Delhi University, where he completed his postgraduate in economics.
During his six-year term as RBI Governor, Shaktikanta Das dealt with a slew of challenges, including Covid-19 and wars in Ukraine and the Middle East. However, the RBI’s refusal to cut key rates citing inflation came under criticism from the industry and government alike, amid growing calls to address the slowdown in GDP growth in the September quarter at 5.4 per cent.
