RBI New Governor: Sanjay Malhotra Becomes 26th RBI Governor, Everything You Must Know About Him

RBI Governor: Sanjay Malhotra has been selected as the Reserve Bank of India's (RBI) 26th Governor, with a three-year term beginning on December 11. Malhotra, a seasoned bureaucrat from the 1990 Rajasthan cadre of the Indian Administrative Service (IAS), has over three decades of public policy experience. He is currently the Revenue Secretary at the Ministry of Finance and has experience in a variety of fields, including taxation, finance, energy, and mining. His noteworthy accomplishments include developing tax policies, improving tax revenue collection, and playing an important role in the effective implementation of the GST system. He also gained valuable expertise managing non-tax revenue streams and advancing financial reforms while serving as Secretary of the Department of Financial Services and Chairman of REC, a government-owned finance business that supports the electricity sector.

Role of Sanjay Malhotra as RBI Governor 

As Malhotra takes office, he has several serious challenges. The primary goal is to reduce inflation, which remains above the RBI's tolerance band of 6%, as well as to address slow GDP growth, which is currently at its lowest level in seven quarters. Tax reform and lowering high tax rates will also require his skills, especially as the upcoming national budget and administrative transitions approach, including the end of RBI Deputy Governor Michael Patra's tenure in January. Malhotra will need to build on the work of his predecessor, Shaktikanta Das, who was instrumental in stabilizing the banking industry amid crises such as the Yes Bank crisis, as well as advancing financial inclusion and reform. His ability to negotiate these obstacles will be critical in maintaining the central bank's efficacy in steering the Indian economy.