Sanjay Malhotra, currently serving as the revenue secretary at the Ministry of Finance, has been appointed as the new Governor of the Reserve Bank of India (RBI). This appointment, effective from December 11, 2024, will last for three years, according to an official notification from the Department of Personnel and Training issued on Monday.
Sanjay Malhotra is an Indian Administrative Service (IAS) officer from the 1990 batch, Rajasthan Cadre. He holds an Engineering degree in Computer Science from the Indian Institute of Technology (IIT), Kanpur, and a Master’s in Public Policy from Princeton University, USA.
With over 33 years of experience, Malhotra has demonstrated leadership across diverse sectors, including power, finance, taxation, information technology, and mines. Currently, he is serving as Secretary (Revenue) in the Ministry of Finance. Previously, he held the position of Secretary in the Department of Financial Services under the Ministry of Finance, where he gained substantial experience in finance and taxation at both the state and central government levels. His role in tax policy formulation, particularly in relation to direct and indirect taxes, has been pivotal.
Shaktikanta Das, the incumbent RBI Governor, has served as the head of the central bank for six years. His term is set to end on December 10, 2024. Das has been widely recognized for his effective leadership, particularly during the challenging years of the COVID-19 pandemic. A seasoned bureaucrat, Das previously served as the Secretary of the Department of Revenue and the Department of Economic Affairs under the Ministry of Finance. He assumed office as the 25th Governor of RBI on December 12, 2018, with his term extended in 2021.
Before becoming RBI Governor, Das held the position of Member of the 15th Finance Commission and served as India’s G20 Sherpa. With over four decades of experience in governance, he has held key positions in various areas such as finance, taxation, industries, and infrastructure. He was also closely involved in the preparation of eight Union Budgets during his tenure in the Ministry of Finance. Das is a postgraduate from St. Stephen’s College, Delhi University.