New RBI Governor: Sanjay Malhotra has been appointed as the next governor of the Reserve Bank for three years, who will replace Shaktikanta Das. Sanjay, a 1990 batch IAS officer, has a lot of experience in public policy.
Revenue Secretary Sanjay Malhotra was on Monday appointed as the next Reserve Bank Governor for three years. He will take up his new post by the end of this week, when Shaktikanta Das’s six-year tenure ends on December 10.
New RBI Governor: Malhotra tax charge as RBI chief grounded economic challenges
Malhotra is a 1990 batch Rajasthan cadre IAS officer with more than 30 years of experience in public policy. Earlier, he has served as chairman and managing director of the state-run REC and also served as secretary of the Department of Financial Services under the Ministry of Finance.
Malhotra is taking charge of RBI at a difficult time when the pressure to reduce interest rates is mounting. During the tenure of Shaktikanta Das, the RBI did not change the interest rates for almost two years due to inflation risk. But in the July-September quarter, growth has fallen to 5.4%, which is the lowest level in the last seven quarters. For this reason, there is a demand for reducing the rates from within the Narendra Modi government as well.
The new RBI Governor has a lot of experience in the fields of finance and taxation, at both the state and central government levels. He is now playing an important role in tax policy formulation — be it direct taxes or indirect taxes — and works on tax-related proposals for the Budget. Malhotra has also played a major role in ensuring the recent speed up in tax collection. He is also the ex-officio secretary of the GST Council.
Shaktikanta Das: A journey from Kanpur to leading the world through tremendous challenges”
This top official has completed his engineering degree in computer science from the Indian Institute of Technology, Kanpur. He has also completed his Masters in Public Policy from Princeton University, USA. During his career, he has worked in different sectors such as power, finance and taxation, information technology, and mines.
Current RBI Governor Shaktikanta Das has served as the head of the central bank for 6 years and his term is ending on 10 December. He handled his central banking role quite smoothly during the COVID-19 pandemic.
