Sanjay Malhotra Appointed as New RBI Governor, Replacing Shaktikanta Das

Sanjay Malhotra: Revenue Secretary Sanjay Malhotra has been appointed as the new Governor of the Reserve Bank of India (RBI), succeeding Shaktikanta Das, whose six-year term concludes on December 10. The decision, approved by the Appointment Committee of the Cabinet (ACC), comes at a time when the RBI faces critical challenges in balancing inflation control with fostering economic growth.

A Strategic Appointment Amid Economic Challenges

Malhotra's appointment coincides with a slowdown in GDP growth, which stood at 5.4% for the July-September quarter. The central bank now faces mounting pressure to manage inflation and stabilize the depreciating rupee, while also navigating the global economic landscape influenced by a strengthening U.S. dollar.

With an impending Budget session and the upcoming end of Deputy Governor Michael Patra’s term in January, Malhotra’s leadership marks a pivotal moment for the RBI.

Experience and Reformist Approach

A 1990 batch IAS officer of the Rajasthan cadre, Malhotra, 56, brings a wealth of experience to his new role. Known as a "pro-reformist," he previously served as Secretary in the Department of Financial Services, where he oversaw public sector banks and the insurance sector. Among his key achievements was the successful launch of India’s largest IPO, the ₹21,000 crore Initial Public Offering (IPO) of LIC.

Malhotra’s academic credentials further bolster his profile. An IIT Kanpur graduate in Computer Engineering, he also holds a Master’s degree in Public Policy from Princeton University. His expertise in fiscal policy, monetary stability, and fintech development positions him as a transformative leader for the central bank.

A Vision for the RBI’s Future

Malhotra’s appointment reflects the government’s emphasis on progressive reforms and a modernized approach to India’s financial ecosystem. His leadership will be closely watched as he steers the RBI through a period marked by economic uncertainties and evolving global financial dynamics.

The new Governor will assume office on December 11 for a tenure of three years.

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