New Delhi. Sanjay Malhotra has been appointed as the new Governor of the Reserve Bank of India (RBI). His tenure will be for the next three years. He will replace current Governor Shaktikanta Das, whose tenure ends on December 10. It is noteworthy that Sanjay Malhotra was nominated as the Director of RBI by the Central Government in 2022.
Who is Sanjay Malhotra?
Sanjay Malhotra is a 1990 batch IAS officer of Rajasthan cadre. He holds an engineering degree from IIT Kanpur and completed his Masters from Princeton University. For the last 30 years, he has served in departments like Power, Finance, Taxation, IT and Mines. In November 2020, Malhotra became the Chairman and MD of REC (Rural Electrification Corporation). Before this, he had worked as Additional Secretary in the Ministry of Energy.
Why did Malhotra become the government’s choice?
The functioning of the Reserve Bank is governed through a Central Board of Directors, and Sanjay Malhotra has extensive experience in this field. This is the reason why the government has selected him for the post of Governor. The government appoints directors in the board constituted under the RBI Act. The board is divided into two parts—official directors and non-official directors. Sanjay Malhotra’s experience and efficiency were considered suitable for this important post.
#breaking Sanjay Malhotra appointed Governor of Reserve Bank of India.
Shri Malhotra is a 1990 batch Indian Administrative Service officer of Rajasthan cadre.#RBI , #RBIGovernor , #SanjayMalhotra , @RBI pic.twitter.com/FN6teLaBSQ
— AIR NEWS (@AIRNewsHindi) December 9, 2024
A look at the tenure of Shaktikanta Das
Shaktikanta Das took over the post of RBI Governor after the resignation of Urjit Patel. During his six-year tenure, he did important work towards effectively controlling the Covid pandemic and subsequent inflation problems in the country. The absence of any discussion regarding the extension of his tenure also became a topic of discussion. The selection of Sanjay Malhotra for the post of RBI Governor is important in many ways, because he will assume this responsibility at a time when the country is facing economic challenges. Now it will be interesting to see in which direction the Reserve Bank of India moves under his leadership.
