Outgoing chief Shaktikanta Das highlights the rapidly changing global geopolitical and economic landscape, urging the RBI to remain vigilant and adaptable
Our Bureau
New Delhi
Sanjay Malhotra, currently serving as the revenue secretary at the Ministry of Finance, has been appointed as the new Governor of Reserve Bank of India. This appointment is effective December 11, 2024, and will continue for three years, as per an official notification from the Department of Personnel and Training on Monday.
Sanjay Malhotra is an Indian Administrative Service Officer of the 1990 Batch Rajasthan Cadre. He is an Engineering Graduate in Computer Science from the Indian Institute of Technology, Kanpur and has a Master’s in Public Policy from Princeton University, USA.
With demonstrated leadership and excellence in his career of over 33 years, Sanjay Malhotra has worked in multifarious sectors including power, finance and taxation, information technology, mines etc. Presently he is Secretary (Revenue) in the Ministry of Finance.
In his previous assignment, he held the post of Secretary in the Department of Financial Services under the Ministry of Finance.
He has extensive experience in finance and taxation at the State as well as the Central Government. As a part of his present assignment, he plays an instrumental role in tax policy formulation in respect of direct and indirect taxes.
Incumbent RBI Governor Shaktikanta Das has served as the head of the central bank for six years and his term is ending on December 10. He steered his central banking roles quite smoothly, particularly during the Covid-19 pandemic years.
Shaktikanta Das, a seasoned bureaucrat, previously served as the Secretary of the Department of Revenue and the Department of Economic Affairs under the Ministry of Finance. He assumed office as the 25th Governor of the RBI on December 12, 2018, with his term extended in 2021.
Before his role as RBI Governor, Das was a member of the 15th Finance Commission and served as India’s G20 Sherpa. He has over four decades of experience in governance, holding key positions in both the central and state governments across areas such as finance, taxation, industries, and infrastructure.
Restoring inflation under the RBI target is the most important task ahead of the new RBI governor stated Shaktikanta Das, the outgoing Governor of the Reserve Bank of India (RBI), during his final address on Tuesday before stepping down from office.
Reflecting on his six-year tenure, Das outlined the critical challenges ahead for the central bank while expressing confidence in his successor’s leadership.
He said, “First, so far as the Reserve Bank is concerned, I think restoring the inflation-gross balance is the most important task ahead of the Reserve Bank, and I am sure the Team RBI, under the leadership of the new Governor, will take it forward”.
Das also highlighted the strong and collaborative relationship between the RBI and the Ministry of Finance during his tenure. He acknowledged that while differences of opinion between the two entities are natural, they were able to resolve all issues amicably through internal discussions.
He added, “Perspectives of Finance Ministry and RBI can differ at times, it happens world over, but in my tenure, we have been able to resolve all such issues through internal discussion”.
Reflecting on the challenges he faced when he assumed office in 2018, Das recalled addressing issues related to the banking sector and liquidity management.
He stressed the importance of flexible inflation targeting and the need to balance inflation control with economic growth. “It has been my endeavor to adhere to these principles during my tenure,” he said.
Das further highlighted the rapidly changing global geopolitical and economic landscape, urging the RBI to remain vigilant and adaptable.
“The global geopolitical and geo-economics dynamics are undergoing fast changes. In this situation, it is always necessary to remain alert and agile, and I am sure the RBI will certainly be at its best.” he noted, expressing confidence that the central bank would continue to excel in addressing such challenges,” he added.
Under Das’s leadership, the RBI also made significant strides in embracing technological advancements. He cited the establishment of the RBI Innovation Hub in Bengaluru as a key achievement aimed at fostering innovation in the financial sector.
He added, “Our focus in the last six years has been to capitalize as much as possible on harnessing the benefits of new technology”.
