Who is Sanjay Malhotra, the Next RBI Chief?

Sanjay Malhotra is set to take over as the 26th Governor of the Reserve Bank of India (RBI), succeeding Shaktikanta Das. His appointment, approved for a three-year term, will come into effect on December 11, 2024.

Sanjay Malhotra, a seasoned IAS officer, will become the 26th RBI Governor on December 11, 2024. Learn about his career, achievements, and appointment process.

A Distinguished Career in Public Service

Malhotra, a 1990-batch IAS officer from the Rajasthan cadre, has an illustrious career spanning over three decades. He is currently serving as the Revenue Secretary to the Government of India, a role he assumed after working as an Officer on Special Duty (OSD) in the Revenue Department starting in October 2022. Before this, he was the Secretary of the Department of Financial Services (DFS) in the Ministry of Finance.

His diverse professional experience encompasses several key sectors, including power, finance and taxation, information technology, and mining. In his current capacity, Malhotra has been pivotal in formulating tax policies related to both direct and indirect taxation, contributing significantly to India’s fiscal landscape.

Educational Background

An accomplished academic, Malhotra holds a degree in Computer Science Engineering from the prestigious Indian Institute of Technology (IIT), Kanpur. He further enhanced his expertise by earning a Master’s degree in Public Policy from Princeton University, USA.

Key Positions Held

Over the years, Malhotra has held several notable positions, including:

Chairman and Managing Director of the Rural Electrification Corporation Limited.
Secretary of the Department of Financial Services, where he spearheaded financial reforms and worked to strengthen India’s banking sector.
Ex-officio Secretary to the Goods and Services Tax (GST) Council, playing a critical role in shaping GST policies.

Appointment Process of an RBI Governor

The Governor of the Reserve Bank of India is appointed by the central government under the provisions of the Reserve Bank of India Act, 1934. The selection process involves the Appointments Committee of the Cabinet (ACC), chaired by the Prime Minister.

The Department of Financial Services (DFS) in the Ministry of Finance shortlists candidates based on their qualifications, experience, and expertise in fields such as economics, banking, finance, or public administration. Recommendations are often sought from experts, economists, and senior bureaucrats. While the RBI Act does not specify strict eligibility criteria, the chosen candidate typically possesses extensive experience in economic and financial management.

With his vast expertise in finance and public administration, Sanjay Malhotra is well-positioned to lead the RBI, navigating the evolving challenges of India’s monetary and financial landscape.

Recent Visitors: 37

Who is Sanjay Malhotra, the Next RBI Chief?