New Delhi Announcement

In a significant move, Sanjay Malhotra, the current revenue secretary, has been appointed as the 26th governor of the Reserve Bank of India (RBI). This appointment comes as Shaktikanta Das's term concludes on December 10, 2024. Malhotra, a 1990 Batch Rajasthan Cadre IAS Officer, has been approved for a three-year term by the appointments committee of the cabinet, commencing from Wednesday.

A Glimpse into Malhotra's Background

Malhotra holds a computer science engineering degree from IIT Kanpur and a Master's in Public Policy from Princeton University, USA. With an extensive 33-year career spanning various sectors including power, finance, taxation, information technology, and mining industries, Malhotra's experience is vast and varied. Currently serving as revenue secretary in the finance ministry, his previous role was secretary in the department of financial services under the same ministry. His comprehensive background includes both state and central government experience in finance and taxation.

Das's Legacy

Shaktikanta Das assumed the position of 25th RBI governor on December 12, 2018, following Urjit Patel's abrupt exit. After completing his initial three-year term, he received an extension, which concludes on Tuesday. Das successfully stabilized the market, which had been unsettled by Patel's sudden resignation during disagreements between the RBI and government regarding surplus transfer matters.