Sanjay Malhotra, a 1990-batch Indian Administrative Service (IAS) officer from the Rajasthan cadre, has been appointed as the 26th Governor of the Reserve Bank of India (RBI). With a career spanning over three decades, Malhotra is known for his significant contributions across various sectors including finance, taxation, power, and information technology.
Educational Background
Malhotra is an alumnus of the prestigious Indian Institute of Technology (IIT) Kanpur, where he earned a degree in Computer Science. He further pursued a Master’s in Public Policy from Princeton University, USA, enhancing his expertise in governance and policy-making.
Career Highlights
- Revenue Secretary: Prior to his RBI appointment, Malhotra served as the Revenue Secretary in the Ministry of Finance, a role he took on in December 2022. He was instrumental in formulating tax policies for direct and indirect taxes and played a key role in driving growth in tax collections.
- Department of Financial Services: As Secretary in this department, he spearheaded financial reforms and strengthened the banking sector, ensuring stability in India’s financial framework.
- GST Council: Malhotra served as the ex-officio Secretary to the GST Council, contributing to the smooth implementation and functioning of the Goods and Services Tax system.
- REC Leadership: He has also served as Chairman and Managing Director of the state-run REC, where he steered the company’s growth in the energy sector.
Experience and Expertise
Malhotra’s diverse portfolio includes significant experience at both the central and state levels, working in sectors such as:
- Taxation and Finance: Pioneering reforms and improving fiscal management.
- Power and Energy: Driving policies for infrastructure and resource management.
- Technology and Mines: Leading strategic initiatives in IT and resource development.
Challenges Ahead as RBI Governor
As the new Governor of the Reserve Bank of India, Malhotra assumes leadership at a critical time. The economy faces challenges such as high inflation, fluctuating GDP growth, and global market uncertainties. His extensive background in policy formulation and financial management positions him well to navigate these issues.
Malhotra succeeds Shaktikanta Das, who has led the RBI since 2018, and is expected to bring his vast expertise and strategic vision to India’s central banking system.
