Sanjay Malhotra, formerly the Revenue Secretary in the Ministry of Finance, began his three-year tenure as the Governor of the Reserve Bank of India (RBI) on December 11, 2024. He addressed the media at 3 p.m., following his appointment, which was announced by the Appointments Committee of the Cabinet on December 9. Malhotra succeeds Shaktikanta Das, whose six-year term as RBI Governor concluded on December 10. As the 26th RBI Governor, Malhotra is expected to lead the central bank during a challenging period of economic fluctuations and guide key financial policies in the country.
Career of RBI Governor Sanjay Malhotra
Sanjay Malhotra, an IAS officer from the 1990 batch, holds a degree in computer science from IIT Kanpur and a Master’s in Public Policy from Princeton University in the U.S. Over his 33-year career, he has worked across various sectors, including finance, IT, power, mines, and taxation. Most recently, he served as the Secretary of Revenue in the Ministry of Finance and brings extensive experience in finance and taxation at both the State and central government levels.
The newly appointed 26th RBI Governor, began his three-year term on December 11, 2024. In his first press conference, following the Appointments Committee of the Cabinet’s December 9 announcement, Malhotra expressed his dedication to maintaining the RBI’s legacy and advancing its core mission. He stressed the importance of policy stability, assuring that the RBI’s decisions will prioritize the public interest. Malhotra also shared his vision of using technology to lower operational costs and promote greater financial inclusion across India.
Sanjay Malhotra, 56, has pledged to focus on trust, growth, and stability as he takes on the role of RBI Governor. He assumes the position at a critical time, with inflation above acceptable levels, growth at a seven-quarter low, and the rupee at an all-time low against the US dollar.
