Mumbai: Sanjay Malhotra, a 1990-batch Indian Administrative Service (IAS) officer and current Revenue Secretary in the Ministry of Finance, has been appointed as the 26th Governor of the Reserve Bank of India (RBI). The Appointments Committee of the Cabinet approved his selection on Monday. Malhotra will assume office on December 11, 2024, for a three-year term, succeeding Shaktikanta Das, whose second term ends on December 10.
Known for his “calm influence” and “intellectual acumen,” Malhotra is regarded as a steady and analytical policymaker. “He’s not known for giving jerky inputs,” noted a source, highlighting his composed decision-making style.
Malhotra earned a B.Tech in Computer Science and Engineering from IIT Kanpur in 1989, followed by a Master’s in Public Policy from Princeton University. His career spans several key roles in the Finance Ministry, including Secretary of the Department of Financial Services and Revenue Secretary. He has been a trusted advisor to Finance Minister Nirmala Sitharaman, contributing critical insights on revenue trends and economic policy.
Malhotra has also been a vocal advocate for balanced taxation, urging tax officers to avoid measures that could harm business sentiment. At a recent Directorate of Revenue Intelligence event, he emphasized the importance of fostering economic growth alongside revenue collection, stating, “Revenue comes in only when there is income, so we must be cautious not to, as they say, kill the golden goose.”
During his tenure as the Ex-Officio Secretary of the GST Council, Malhotra’s measured demeanor was well-regarded, particularly in managing disagreements between states and the Centre.
Malhotra’s career trajectory includes notable achievements:
- 1996-1998: District Collector and Magistrate, Chittorgarh.
- 2020-2021: Additional Secretary, Ministry of Power.
- 2021-2022: Chairman and Managing Director, Rural Electrification Corporation.
- 2022: Secretary, Department of Financial Services.
- 2022-2024: Revenue Secretary.
His diverse expertise, spanning governance, power, financial services, and revenue management, positions him as a capable leader for the RBI. With a reputation for fostering constructive dialogue and prudent policymaking, Malhotra is expected to guide India’s central bank through complex economic challenges.
Follow us on Twitter, Google News, and Instagram and like us on Facebook for the latest updates and exciting stories.
