India appoints Revenue Secretary Sanjay Malhotra as New RBI Governor
The Government of India has appointed Revenue Secretary Sanjay Malhotra as the new Reserve Bank of India (RBI) Governor. Malhotra is set to serve a three-year term beginning December 11, 2024.
India on Monday appointed Revenue Secretary Sanjay Malhotra as new Governor of the Reserve Bank of India (RBI).
The Appointments Committee of the Cabinet has appointed Sanjay Malhotra as the next RBI Governor for a three-year term beginning from December 11, 2024, according to the official notification.
Sanjay Malhotra will be the 26th Reserve Bank of India governor, succeeding Shaktikanta Das. Current RBI governor Shaktikanta Das's tenure comes to an end on Tuesday, December 10.
Sanjay Malhotra is an Indian Administrative Service (IAS) Officer from the 1990 batch. He also has a background of graduation in computer science from the Indian Institute of Technology (IIT), Kanpur. Malhotra also did his Master's in Public Policy from Princeton University, United States.
In his long-standing career of 33 years, Malhotra has served in power, finance and taxation, information technology, mines, and other sectors. He is now serving the Indian government as the Secretary of Revenue, with the Ministry of Finance.
Sanjay Malhotra has in-depth experience in finance and taxation at both State and Central government levels. As the Revenue Secretary, he plays an important role in tax policy formulation with respect to direct and indirect taxes.
Malhotra will have to deal with the food prices, which have pushed India's headline inflation beyond the monetary policy committee's (MPC) flexible target of 2 to 6 per cent. In October, inflation as measured by the Consumer Price Index (CPI) was 6.21 per cent, an increase from its 5.49 per cent levels in September.
Mint reported earlier, that the monetary policy committee (MPC) now expects retail inflation to soften to 4 per cent only by the September quarter of the financial year 2025-26.
Governor Shaktikanta Das's three-year tenure comes to an end on Tuesday. Shaktikanta Das was appointed as RBI's 25th Governor after Urjit Patel's abrupt exit in 2018.
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Business NewsEconomyIndia appoints Revenue Secretary Sanjay Malhotra as New RBI Governor
First Published:9 Dec 2024, 05:29 PM IST
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