Sanjay Malhotra was named the Reserve Bank of India (RBI) governor by the government on Monday, ending speculation that incumbent Shaktikanta Das may be given a longer term.
Experienced bureaucrat Malhotra will follow Das, whose term as Governor of the apex bank ends Tuesday, as the 26th Governor.
The five-year term that has been the norm in recent decades has already been exceeded by Das, who was named RBI Governor in December 2018. Experienced bureaucrat Malhotra will follow Das, whose term as Governor of the apex bank ends Tuesday, as the 26th Governor.
The five-year term that has been the norm in recent decades has already been exceeded by Das, who was named RBI Governor in December 2018.
Who is the New RBI Governor, Sanjay Malhotra?
Sanjay Malhotra, a 1990-batch Indian Administrative Service (IAS) officer from the Rajasthan cadre, has been appointed to the prestigious position by the Cabinet Appointments Committee. He will assume office on December 11, 2024, for a three-year term. Malhotra, who currently serves as the Secretary of the Ministry of Finance’s Department of Revenue, previously held the role of Secretary in the Department of Financial Services.
His appointment comes at a crucial moment for the RBI, as the institution faces significant economic challenges, including managing inflationary pressures and fostering growth in a complex global economic environment.
Malhotra currently holds the position of Secretary (Revenue) in the Ministry of Finance. He was the secretary of the Department of Financial Services before that.
Shaktikanta Das Bids Farewell After Successful Tenure
Following the appointment of Sanjay Malhotra as the 26th leader of the central bank, Shaktikanta Das said his final goodbyes on Tuesday as he prepares to leave his position as the Governor of the RBI.
“Will demit office as Governor RBI later today. Thank you, everyone, for your support and good wishes. Immensely grateful to the Hon’ble PM @narendramodi for giving me this opportunity to serve the country as Governor RBI and for his guidance and encouragement. Benefited a lot from his ideas and thoughts,” said Das in a post on X.
Further, the 25th RBI chief also thanked Finance Minister, Nirmala Sitharaman in his message. “Heartfelt thanks to Hon’ble FM @nsitharaman for her constant support and backing. The fiscal-monetary coordination was at its best and helped us to deal with the multiple challenges during the last six years,” said Shaktikanta Das in his statement.
“I thank all the stakeholders in the financial sector and in the economy; experts and economists; industry bodies and associations; organizations in the agriculture, cooperative, and service sectors for their inputs and policy suggestions,” said Das.
Concluding his message, Das said, “A BIG thank you to the entire Team RBI. Together, we successfully navigated an exceptionally difficult period of unprecedented global shocks. May the RBI grow even taller as an institution of trust and credibility. My best wishes to each one of you.”
A Legacy of Stability and Resilience
Das’s leadership was marked by steady management through challenging times, including the COVID-19 pandemic and its economic fallout. Under his stewardship, the RBI took decisive steps to ensure economic stability and financial system resilience. His tenure was also characterized by efforts to modernize India’s banking system, including measures to enhance financial inclusion and strengthen regulatory frameworks.
As Malhotra prepares to lead the central bank, all eyes will be on his approach to tackling India’s economic challenges, particularly inflation control and fostering sustainable growth.
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