After much speculation, the Modi government has appointed Sanjay Malhotra (IAS:1990:RJ), currently Revenue Secretary in the Ministry of Finance, as the next Governor of the Reserve Bank of India (RBI) for a three-year term. Malhotra will take over from Shaktikanta Das, whose tenure concludes on December 10.
Malhotra brings over 33 years of diverse experience in finance, taxation, power, IT, and mining, with key roles in both state and central governments. Before his current post, he served as Secretary in the Department of Financial Services, overseeing India’s financial and banking sectors, and as Chairman and Managing Director of REC Ltd., guiding the company through significant growth phases.
As Revenue Secretary since December 2022, Malhotra has been pivotal in shaping tax policies and driving robust tax collections essential to India’s fiscal health. His responsibilities also included serving as ex-officio Secretary to the GST Council, where he balanced state and central fiscal interests within the GST framework. Additionally, he managed non-tax revenue streams such as dividends from PSUs, interest income, and service fees.
An engineering graduate in Computer Science from IIT Kanpur, Malhotra also holds a master’s degree in Public Policy from Princeton University, US, equipping him with a blend of technical and strategic expertise for his new role. (By-Rajeev Singh)
