The government has appointed Revenue Secretary Sanjay Malhotra as the new Governor of the Reserve Bank of India (RBI). He will be the 26th Governor of RBI and will replace the current Governor Shaktikanta Das.
Das’ term is ending on 10 December 2024. Malhotra will take over as Governor from 11 December. The Cabinet has approved the appointment of Sanjay Malhotra today on 9 December.
Shaktikanta Das was made the Governor on 12 December 2018. His term was later extended for three years. He replaced Urjit Patel.
Pressure on RBI to cut interest rates
The new governor is taking charge at a time when the central bank is in a difficult situation. Pressure is mounting on the RBI to cut interest rates as growth has fallen to a seven-quarter low of 5.4% in the July-September period. During Das’ tenure, RBI kept interest rates unchanged for almost two years, citing inflation risks.
Sanjay Malhotra is an expert in finance and taxation
Sanjay Malhotra, a 1990 batch Indian Administrative Service (IAS) officer of Rajasthan cadre, has an engineering degree in computer science from the Indian Institute of Technology (IIT) Kanpur and a master’s degree in public policy from Princeton University, USA.
Malhotra has worked in various fields including power, finance and taxation, information technology and mines. He has more than 33 years of experience.
Before serving as Secretary (Revenue) in the Ministry of Finance, he held the post of Secretary in the Department of Financial Services under the Ministry of Finance, Government of India. Malhotra has expertise in finance and taxation at both the state and central government levels.
Malhotra is counted among the favorite officers of PM Narendra Modi
In matters of finance, Malhotra is considered a reformist and strong working officer. He has experience of working in almost all the departments of Rajasthan. He hails from Rajasthan. Malhotra is considered one of the favourite officers of PM Narendra Modi.
This is a famous fact about Sanjay Malhotra-
He does a lot of research on any issue before working on it. Even while walking in the park, he keeps searching, listening and watching something on the internet. When he gives a presentation in front of the CM, he gives it citing that research. In such a situation, the deep impact of his words and thoughts is seen in every meeting.
Shaktikanta Das is a 1980 batch IAS officer
Shaktikanta Das is a 1980 batch IAS officer. He is a Tamil Nadu cadre officer. Till May 2017, he was the Secretary of Economic Affairs. He became the 25th Governor of the country. When demonetization happened in November 2016, even then Das was on the main front.
Das has held various positions. Das also worked as a member in the 15th Finance Commission. He has represented India in BRICS, International Monetary Fund and SAARC. He is a post graduate from Stephen’s College, Delhi.
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Here is a list of Reserve Bank of India (RBI) Governors from its establishment in 1935 to the present:
1935–1957: British Governors
- Sir Osborne Smith (April 1, 1935 – June 30, 1937)
- Sir James Braid Taylor (July 1, 1937 – February 17, 1943)
- Sir C.D. Deshmukh (August 11, 1943 – June 30, 1949) – First Indian Governor
1949–Present: Indian Governors
- Benegal Rama Rau (July 1, 1949 – January 14, 1957)
- K.G. Ambegaonkar (January 14, 1957 – February 28, 1957)
- H.V.R. Iyengar (March 1, 1957 – February 28, 1962)
- P.C. Bhattacharya (March 1, 1962 – June 30, 1967)
- L.K. Jha (July 1, 1967 – May 3, 1970)
- B.N. Adarkar (May 4, 1970 – June 15, 1970)
- S. Jagannathan (June 16, 1970 – May 19, 1975)
- N.C. Sen Gupta (May 19, 1975 – August 19, 1975)
- K.R. Puri (August 20, 1975 – May 2, 1977)
- M. Narasimham (May 3, 1977 – November 30, 1977)
- I.G. Patel (December 1, 1977 – September 15, 1982)
- Manmohan Singh (September 16, 1982 – January 14, 1985)
- Amitav Ghosh (January 15, 1985 – February 4, 1985)
- R.N. Malhotra (February 4, 1985 – December 22, 1990)
- S. Venkitaramanan (December 22, 1990 – December 21, 1992)
- C. Rangarajan (December 22, 1992 – November 21, 1997)
- Bimal Jalan (November 22, 1997 – September 6, 2003)
- Y.V. Reddy (September 6, 2003 – September 5, 2008)
- D. Subbarao (September 5, 2008 – September 4, 2013)
- Raghuram Rajan (September 4, 2013 – September 4, 2016)
- Urjit Patel (September 4, 2016 – December 10, 2018)
- Shaktikanta Das (December 12, 2018 – December 10, 2024)
- Sanjay Malhotra (December 11, 2024 – Present)
