NEW DELHI: Revenue Secretary Sanjay Malhotra has been appointed the 26th Governor of the Reserve Bank of India (RBI), succeeding Shaktikanta Das, whose term concludes on today (Tuesday).
The Centre’s cabinet committee announced the decision via an official notification on Monday.
A 1990-batch IAS officer from the Rajasthan cadre, Malhotra brings a distinguished academic and professional background. He holds a degree in computer science engineering from the Indian Institute of Technology (IIT), Kanpur, and a Master’s in Public Policy from Princeton University, USA.
Over his 33-year career, Sanjay Malhotra has served in diverse sectors, including power, finance and taxation, IT, and mining.
Currently serving as Secretary (Revenue) in the Ministry of Finance, Malhotra previously held the role of Secretary in the Department of Financial Services (DFS), where he oversaw critical reforms in the financial sector.
Das steered through storms
Shaktikanta Das, who took charge as the 25th Governor of the RBI in December 2018 following Urjit Patel’s abrupt resignation, leaves behind a remarkable legacy.
Known as a historian with a deep understanding of economic and financial affairs, Das’s tenure was defined by his ability to navigate through unprecedented challenges.
Under his leadership, the RBI managed the fallout of crises such as the collapse of IL&FS, the revival of Yes Bank and Lakshmi Vilas Bank (LVB), and the stabilisation of RBL Bank. Das also spearheaded key initiatives during the Covid-19 pandemic, including liquidity measures that cushioned the banking sector and businesses from severe disruptions.
A lot of headwinds
Das’s efforts were instrumental in maintaining financial stability amid global headwinds such as the Ukraine war, the Middle East crisis, and supply chain shocks. His bi-monthly policy addresses reflected a firm commitment to controlling inflation, often likened to keeping “the inflation horse on a tight leash.”
Globally, Das earned accolades as the “Central Banker of the Year” for two consecutive terms, a testament to his deft handling of the world’s fastest-growing major economy. His tenure marked a decisive era for India’s banking sector, setting a precedent for proactive governance and resilience.
As Sanjay Malhotra steps into the role, he inherits a central bank shaped by Das’s historic contributions and steady hand in times of turbulence.
