New RBI Governor, Sanjay Malhotra is an Indian Administrative Service (IAS) officer from the 1990 batch of the Rajasthan cadre. 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.
With over 33 years of distinguished service, Mr. Malhotra has demonstrated exceptional leadership across a wide range of sectors, including power, finance and taxation, information technology, and mining. He currently serves as the Secretary (Revenue) in the Ministry of Finance. Previously, he held the position of Secretary in the Department of Financial Services under the Ministry of Finance, Government of India.
Mr. Malhotra has extensive finance and taxation expertise at the state and central government levels. In his current role, he plays a pivotal role in shaping tax policy for both direct and indirect taxes.
Malhotra replaces retiring Governor Shaktikanta Das, whose six-year tenure comes to an end on Tuesday (December 10, 2024). The Appointments Committee of the Cabinet, on Monday (December 9, 2024), has appointed Sanjay Malhotra as the new Reserve Bank of India (RBI) Governor for a period of three years. Revenue Secretary Malhotra will now be the 26th RBI Governor, as per a notification issued by the Department of Personnel and Training (DPoT).
Mr Das, who was appointed as the 25th RBI Governor on December 12, 2018, took office following Urjit Patel’s sudden resignation. Mr Das was also granted an extension after completing his initial three-year term.
Mr Malhotra is presently serving as the Revenue Secretary and has also, in the past, worked as chairman and managing director of state-run REC. He has been instrumental towards achieving the recent buoyancy in tax collections.
In his long-standing career of 33 years, Malhotra has served in power, finance and taxation, information technology, mines, and other sectors. He is now serving the Indian government as the Secretary of Revenue, with the Ministry of Finance.
Challenges for the New Governor
Sanjay Malhotra has in-depth experience in finance and taxation at both State and Central government levels. As the Revenue Secretary, he plays an important role in tax policy formulation with respect to direct and indirect taxes.
His leadership has been pivotal in driving robust tax collections, ensuring critical support for India’s fiscal health. In addition to his tax-related responsibilities, Malhotra has managed the government’s non-tax revenue streams, which include income from interest on loans, dividends from public sector undertakings (PSUs), and service fees.
Malhotra also served as the ex-officio Secretary to the GST Council, where he managed the delicate task of reconciling the fiscal expectations of various states while upholding the integrity of the national Goods and Services Tax (GST) framework. His role in this capacity required balancing diverse and often conflicting priorities, demonstrating his adeptness at navigating complex policy environments.
As the new RBI Governor, Malhotra will face significant challenges, including managing inflation and ensuring stable economic growth amidst global uncertainties
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