In a significant development for India’s financial sector, Revenue Secretary Sanjay Malhotra has been appointed as the new Governor of the Reserve Bank of India (RBI). The government announced that Malhotra will assume his new role starting Wednesday for a three-year tenure.
Key Highlights
- Sanjay Malhotra is a 1990-batch Indian Administrative Service (IAS) officer from the Rajasthan cadre
- Currently serving as Revenue Secretary before this appointment
- Will head India’s central bank for a three-year term
- Set to take charge from Wednesday
This appointment comes at a crucial time for India’s monetary policy and financial stability. The RBI has been maintaining a steady course with its monetary policy, having recently kept the repo rate unchanged at 6.5% to manage inflation while supporting economic growth.
Malhotra brings extensive administrative experience to the role, having served in various capacities throughout his career in the Indian Administrative Service. His appointment is expected to ensure continuity in the RBI’s policy direction while bringing fresh perspectives to India’s central banking operations.
The Reserve Bank of India, under its new leadership, will continue to face important challenges, including managing inflation, supporting economic growth, and maintaining financial stability in an increasingly complex global economic environment.
