Who is Sanjay Malhotra? All you need to know about new RBI governor succeeding Shaktikanta Das

Revenue Secretary Sanjay Malhotra was appointed as the next Governor of the Reserve Bank on Monday for a period of three years. He will take over the top post later this week — after the six-year term of Shaktikanta Das ends on December 10.

Malhotra is a 1990 batch Rajasthan cadre IAS officer with more than three decades of experience in public policy. He had previously worked as the chairman and managing director of the state-run REC and served as a secretary in the Department of Financial Services under the Ministry of Finance.

He takes charge at a tough time for the central bank — amid increasing pressure to cut interest rates. The RBI has kept interest rates unchanged for nearly two years under Das over inflation risks. However, growth slowed down to a seven-quarter low of 5.4 per cent in the July-September period and there have been growing calls from within the Narendra Modi government for the RBI to ease rates.

The incoming RBI governor has extensive experience in finance and taxation at the state and central government levels. He currently plays an instrumental role in tax policy formulation — regarding direct and indirect taxes — and looks into tax-related proposals for the Budget. Malhotra has also been instrumental in securing the recent buoyancy in tax collection. He is the ex-officio secretary to the GST Council.

The top official holds an engineering degree in computer science from the Indian Institute of Technology, Kanpur. Malhotra secured his Masters in Public Policy from Princeton University in the US. Over the years, he has worked in various sectors — including power, finance and taxation, information technology, and mines.

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 has smoothly steered his central banking role over the years — particularly during the COVID-19 pandemic.

(With inputs from agencies)