Who is Sanjay Malhotra? India’s 26th RBI Governor

A 1990-batch Indian Administrative Service (IAS) officer from the Rajasthan cadre, Malhotra is an IIT-Kanpur graduate in Computer Science and holds a Master’s in Public Policy from Princeton University.

Malhotra brings over 33 year of experience in various sectors including finance, power, IT, taxation and mines, having served in senior roles at both the central and state levels. Before his appointment as Revenue Secretary in December 2022, he was Secretary in the Department of Financial Services, where he played a crucial role in steering financial reforms and strengthening the banking sector.

He has also been instrumental in driving growth in tax collections and has served as the ex-officio Secretary to the GST Council.

Known for his strategic thinking, Malhotra has previously held the position of Chairman and Managing Director of the state-run REC.

He takes over the reins from Shaktikanta Das, who became the RBI Governor in December 2018. Malhotra’s appointment comes at a pivotal time for the RBI, with the economy navigating significant challenges and reforms.

With inflation currently above the RBI’s comfort zone, there is increasing pressure from the government to consider cutting interest rates in order to support economic growth, particularly after the recent shock in Q2 GDP figures.