Highlights

• Sanjay Malhotra has been appointed as the 26th Governor of the RBI.
• He will take charge on December 11 for a three-year term.
• Shaktikanta Das will retire as one of the longest-serving governors of the RBI after a six-year tenure.

The government has announced that the current revenue secretary Sanjay Malhotra will replace Shaktikanta Das and take over as the 26th Governor of the Reserve Bank of India (RBI) on December 11.

“The Appointments Committee of the Cabinet (ACC) has approved the appointment of Sanjay Malhotra as governor, RBI, for a period of three years starting from December 11, 2024,” stated an official notification on Monday.

Issued by secretary to the ACC Manish Saxena, the order confirmed that Malhotra’s appointment had been approved by the committee led by Prime Minister Narendra Modi.

Speaking to the media outside the Ministry of Finance at North Block in Delhi, Malhotra said, “One has to understand the turf, all perspectives and do what’s best for the economy.”

Governor Shaktikanta Das will retire after an impressive six-year tenure, making him one of the longest-serving governors of the RBI. IAS officer Das held key positions in the Ministry of Finance before becoming the 25th Governor on December 12, 2018. He also served as a member of the 15th Finance Commission and India’s G20 Sherpa.

Sanjay Malhotra’s appointment marks a significant transition and his experience is expected to guide the central bank in the coming years.

About Sanjay Malhotra

Sanjay Malhotra, a 1990-batch IAS officer from the Rajasthan cadre, brings extensive experience in financial and administrative roles to his new position as RBI Governor. An alumnus of IIT Kanpur, where he earned a degree in computer science engineering, Malhotra also holds a master’s degree in public policy from Princeton University.

Over the years, he has held several key positions, including financial services secretary and chairman and managing director of REC Ltd. Before becoming revenue secretary on December 1, 2022, Malhotra was appointed as an officer on special duty (OSD) in October 2022 to succeed Tarun Bajaj.

His tenure as revenue secretary is set to extend until February 2028. As the secretary of the Department of Financial Services (DFS), he also served on the Central Board of the Reserve Bank of India, further solidifying his credentials in financial governance and policy-making.

FAQs

Q1. When will Sanjay Malhotra take charge as the RBI Governor?

Answer. Sanjay Malhotra will take charge as the 26th Governor of the Reserve Bank of India (RBI) on December 11, 2024, for a period of three years.

Q2. What notable positions did Shaktikanta Das hold before his retirement?

Answer. Shaktikanta Das held key positions in the Ministry of Finance and served as a member of the 15th Finance Commission and India’s G20 Sherpa. He was the 25th Governor of the RBI from December 12, 2018.

Q3. What is Sanjay Malhotra’s educational background?

Answer. Sanjay Malhotra is a computer science graduate from IIT Kanpur and holds a master’s degree in public policy from Princeton University.

Read More: RBI keeps repo rate unchanged at 6.5% for 11th consecutive meeting

Read More: India’s GDP growth slows to 5.4% in Q2 FY25, raising chances of RBI rate cuts

Read More: PIB Fact Check warns of SBI rewards app download scam; RBI plans AI-based anti-fraud system