The government announced the appointment of Sanjay Malhotra as the new Governor of the Reserve Bank of India (RBI), putting an end to speculations about an extension for the current Governor, Shaktikanta Das.

Malhotra, an experienced bureaucrat, will become the 26th RBI Governor, succeeding Das, whose tenure ends on Tuesday. Das, appointed in December 2018, has already served beyond the typical five-year term that has been the norm in recent years.

 Who is Sanjay Malhotra, the new RBI Governor?

A 1990-batch IAS officer from the Rajasthan cadre, Malhotra will take office on December 11, 2024, for a three-year term, according to a notification from the appointment committee of the cabinet. His appointment comes at a crucial time as the RBI faces challenges like managing inflation and addressing a slowdown in economic growth. Currently, Malhotra serves as the Secretary (Revenue) in the Ministry of Finance. Before this, he was the Secretary in the Department of Financial Services.