India has appointed Sanjay Malhotra as the 26th Governor of the Reserve Bank of India, effective 11 December 2024, the government announced on 9 December 2024. Malhotra, a career civil servant and Indian Administrative Service officer of the 1990 batch from the Rajasthan cadre, succeeds Shaktikanta Das. The appointment is for a three-year term, placing Malhotra's governorship to run through late 2027.
At the time of his appointment, Malhotra was serving as Revenue Secretary in the Ministry of Finance.
MALHOTRA'S BACKGROUND AS REVENUE SECRETARY
Sanjay Malhotra's career in the Indian Administrative Service has taken in a range of postings across both state and central government, covering infrastructure, finance, taxation, and economic administration.
The appointment carries a three-year term, effective from 11 December 2024, during which Malhotra will chair the Monetary Policy Committee and be responsible for the RBI's full range of statutory functions, including monetary policy, banking regulation and supervision, management of India's foreign exchange reserves, and the oversight of payment systems.
TRANSITION AT INDIA'S CENTRAL BANK
The Reserve Bank of India is India's central bank, with a remit that extends from setting benchmark interest rates to supervising the country's commercial banking sector and managing its foreign exchange reserves.
Shaktikanta Das had served as RBI Governor since December 2018, a period that included monetary easing during the COVID-19 pandemic and a subsequent tightening cycle as inflation rose. The RBI did not announce any immediate policy changes in connection with the appointment.