Revenue Secretary Sanjay Malhotra appointed new RBI Governor

Sanjay Malhotra, currently serving as the revenue secretary at the Ministry of Finance, has been appointed as the new Governor of Reserve Bank of India.

This appointment is effective December 11, 2024, and will continue for three years, as per an official notification from the Department of Personnel and Training on Monday.

Sanjay Malhotra is an Indian Administrative Service Officer of the 1990 Batch Rajasthan Cadre. He is an Engineering Graduate in Computer Science from the Indian Institute of Technology, Kanpur and has a Master’s in Public Policy from Princeton University, USA.

With demonstrated leadership and excellence in his career of over 33 years, Sanjay Malhotra has worked in multifarious sectors including power, finance and taxation, information technology, mines etc. Presently he is Secretary (Revenue) in the Ministry of Finance.

In his previous assignment, he held the post of Secretary in the Department of Financial Services under the Ministry of Finance.

He has extensive experience in finance and taxation at the State as well as the Central Government. As a part of his present assignment, he plays an instrumental role in tax policy formulation in respect of direct and indirect taxes.

Incumbent RBI Governor Shaktikanta Das has served as the head of the central bank for six years and his term is ending on December 10. He steered his central banking roles quite smoothly, particularly during the Covid-19 pandemic years.

Shaktikanta Das, a seasoned bureaucrat, 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 the RBI on December 12, 2018, with his term extended in 2021.

Before his role as RBI Governor, Das was a Member of the 15th Finance Commission and served as India’s G20 Sherpa. He has over four decades of experience in governance, holding key positions in both the central and state governments across areas such as finance, taxation, industries, and infrastructure.

During his tenure in the Ministry of Finance, Das was closely involved in the preparation of eight Union Budgets. He is a postgraduate from St. Stephen’s College, Delhi University.