Central Government Appoints Revenue Secretary IAS Sanjay Malhotra as RBI Governor
IAS Sanjay Malhotra, Secretary of Revenue, appointed as RBI Governor for a three-year term starting December 11, 2024
RBI – New RBI Governor – new revenue secretary – IAS Sanjay Malhotra – RBI news – TAXSCAN
RBI – New RBI Governor – new revenue secretary – IAS Sanjay Malhotra – RBI news – TAXSCAN
In a significant move, the Appointments Committee of the Cabinet ( ACC ) has approved the appointment of Shri Sanjay Malhotra as the new Governor for the Reserve Bank of India ( RBI ).
This appointment, formalized on December 9, 2024, marks a pivotal moment in the country's financial governance, with Shri Malhotra set to serve a term of three years starting from December 11, 2024.
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Sanjay Malhotra, currently serving as the Secretary in the Department of Revenue, Ministry of Finance, is known for his expertise and extensive experience in public finance and administration. His appointment to this prestigious position is expected to bring in a new wave of leadership at a time when the Indian economy continues to recover and expand amidst global uncertainties.
With over three decades in the Indian Administrative Service, his understanding of financial systems and policy frameworks is widely recognized.
The announcement was made by the Department of Personnel & Training (DoPT), underlining the endorsement of the ACC for Malhotra's role as RBI Governor. The official communication, signed by Manisha Saxena, Secretary of the ACC, stated that the decision was taken in accordance with the Cabinet Secretariat's directives.
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The appointment signals the government's confidence in Malhotra’s ability to steer the central bank, which plays a critical role in regulating monetary policy, managing inflation, and ensuring financial stability.
His tenure will witness challenges such as balancing interest rates, managing foreign reserves, and addressing inflationary trends, all while maintaining economic growth.
The RBI, as the apex monetary authority in the country, is a key pillar of India's financial architecture. Malhotra’s prior role as the Revenue Secretary has prepared him well to handle the complexities of this assignment. During his tenure in the Ministry of Finance, he played a crucial role in revenue collection reforms and the streamlining of tax policies.
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The appointment has been well-received by the financial community, with many expressing optimism about the continuity and innovation Malhotra is expected to bring.
To Read the full text of the Order CLICK HERE
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