The Union government has named Sanjay Malhotra, a 1990-batch IAS officer from the Rajasthan cadre, as the next governor of the Reserve Bank of India (RBI). Malhotra, currently serving as revenue secretary in the Ministry of Finance, will assume office on Wednesday for a three-year term, succeeding Shaktikanta Das.
Sanjay Malhotra, an engineering graduate from IIT Kanpur with a Master’s in Public Policy from Princeton University, has previously served as the secretary in the Department of Financial Services under the Ministry of Finance. He takes charge as the RBI governor at a challenging time when retail inflation has surged to a 14-month high of 6.2% in October, breaching the central bank’s tolerance band of 2%-6%. Additionally, the RBI recently revised the GDP growth estimates for FY25 downward from 7.2% to 6.6%. Malhotra succeeds Shaktikanta Das, who has been the RBI governor since December 2018 following Urjit Patel’s resignation. Das is widely credited with navigating the central bank through significant economic challenges, including the pandemic and inflationary pressures.
Key Highlights:
- Professional Background:
- Malhotra is an engineering graduate from IIT Kanpur and holds a Master’s in Public Policy from Princeton University.
- Previously served as secretary in the Department of Financial Services under the Ministry of Finance.
- Challenges Ahead:
- Malhotra takes charge at a time when retail inflation has surged to a 14-month high of 6.2% in October, breaching the RBI’s tolerance band of 2%-6%.
- The central bank recently lowered GDP growth estimates for FY25 from 7.2% to 6.6%.
- Predecessor:
- Shaktikanta Das served as RBI governor since December 2018 after Urjit Patel’s resignation.
- Das is credited with steering the central bank through key economic challenges, including the pandemic and inflation control measures.
As Malhotra steps into the role of the 26th RBI governor, he faces the critical task of balancing inflation control with economic growth, amid a changing global economic landscape.
