On Wednesday, Sanjay Malhotra officially assumed the position of the 26th Governor of the Reserve Bank of India (RBI).
He is appointed for a three-year term, during which he will manage the central bank's essential responsibilities, such as monetary policy, financial regulation, and maintaining the country's economic stability.
In a social media post, the RBI announced that Sanjay Malhotra has assumed the role of the 26th Governor of the Reserve Bank of India, starting from December 11, 2024, for a term of three years.
Malhotra, an experienced senior bureaucrat in economic and financial affairs, brings substantial expertise to his new position.
He takes over from Shaktikanta Das, who has been the Governor of the RBI since December 2018 and played a crucial role in navigating the Indian economy through numerous challenges, including the COVID-19 pandemic.
In his role as the head of the RBI, Malhotra is anticipated to concentrate on keeping inflation targets in check, promoting economic growth, and reinforcing the financial sector's stability amid global uncertainties.
Sanjay Malhotra is a 1990 batch officer of the Indian Administrative Service from the Rajasthan Cadre. He holds a degree in Computer Science Engineering from the Indian Institute of Technology, Kanpur, and a Master's degree 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.
He possesses vast expertise in finance and taxation at both the State and Central Government levels. In his current role, he is pivotal in shaping tax policies for direct and indirect taxes.
Shaktikanta Das, the former Governor of the Reserve Bank of India, completed his six-year tenure on December 10.
The primary challenge for the new RBI governor is to restore balance between growth and inflation in line with the RBI's targets.