The Indian government has named Shri Sanjay Malhotra as the 26th Governor of the Reserve Bank of India (RBI), effective December 11, 2024. Malhotra, a 1990-batch IAS officer from the Rajasthan cadre and current Revenue Secretary, will succeed Shaktikantas Das, whose term ends on December 10. His appointment, approved by the Appointments Committee of the Cabinet, is for a three-year tenure.
Malhotra’s career spans over three decades, with extensive experience in finance, taxation, power, and public policy. A graduate in Computer Science and Engineering from IIT Kanpur and a Master’s in Public Policy from Princeton University, he is recognized for his analytical acumen and collaborative approach.
Key Milestones in His Career
- Revenue Secretary: Known for his balanced stance, Malhotra emphasized a pro-business approach while ensuring robust revenue generation, often advocating against overreach by tax authorities.
- Secretary, Department of Financial Services (2022): Oversaw state-owned banks and insurance companies and served as the government’s nominee on the RBI’s central board.
- Chairman and Managing Director of REC: Spearheaded transformative initiatives in rural electrification and infrastructure financing.
- Energy Department in Rajasthan: Introduced innovative policies in metering, billing, and public-private partnerships.
Malhotra’s ability to mediate between competing interests was evident in his tenure as the Ex-Officio Secretary of the GST Council. His diplomatic handling of disagreements between the Center and states earned him widespread respect. At the Directorate of Revenue Intelligence event last week, he reiterated the importance of fostering a business-friendly environment:
“We are here not only for revenue but also for the whole economy. Revenue comes in only when there is some income, so we must avoid actions that hurt industry or economic growth.”
The Modi government’s choice of Malhotra, like his predecessor Shaktikantas Das, signals a preference for seasoned civil servants with a comprehensive understanding of the interplay between government policies and central banking. Malhotra’s expertise in financial services and prior association with the RBI’s central board position him as a leader capable of ensuring synergy between the government and the central bank.
As Governor, Malhotra will oversee critical functions, including interest rate management, government borrowings, and financial stability. His tenure comes at a time of evolving challenges in India’s financial landscape, requiring a steady hand and strategic foresight.
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