Last Updated:December 10, 2024, 12:33 IST

Revenue Secretary Sanjay Malhotra will replace Shaktikanta Das as the 26th Governor of RBI

Shaktikanta Das will demit office today after completing six years as the 25th Governor of the Reserve Bank of India.

Shaktikanta Das addressed a press conference on Tuesday hours before ending his term as the Governor of the Reserve Bank of India. He outlined the central bank’s immediate priorities, emphasising the importance of restoring the inflation-growth balance.

The outgoing RBI Governor added that coordination between the Finance Ministry and RBI has been at its best in the last six years.

He added that the Indian economy is resilient and robust, able to deal with global spillovers very effectively.

New RBI Governor Sanjay Malhotra has vast experience, I am sure he will do his best, he added.

RBI Governors keep in mind the requirements of the wider economy, it is a judgement call that every governor takes, Das added.

Shaktikanta Das will demit office today after completing six years as the 25th Governor of the Reserve Bank of India. He was appointed as the Governor on December 12, 2018, after the abrupt exit of Urjit Patel.

Revenue Secretary Sanjay Malhotra will replace him as the 26th Governor on Wednesday.

Das’s remarks come as India grapples with inflationary pressures fueled by volatile commodity prices and global monetary tightening.

The RBI Governor also reiterated the central bank’s commitment to strengthening financial sector resilience, ensuring adequate credit flow, and fostering digital innovation in banking services.

Earlier, he thanked all stakeholders in a series of posts on social platform X.

“Will demit office as Governor RBI later today. Thank you everyone for your support and good wishes,” Das posted on social media platform X.

He thanked Prime Minister Narendra Modi and Finance Minister Nirmala Sitharaman for their support during his tenure.

“Immensely grateful to the Hon’ble PM @narendramodi for giving me this opportunity to serve the country as Governor RBI and for his guidance and encouragement. Benefited a lot from his ideas and thoughts,” the post added.

“Heartfelt thanks to Hon’ble FM @nsitharaman for her constant support and backing. The fiscal-monetary coordination was at its best and helped us to deal with the multiple challenges during the last six years.”

Acknowledged Stakeholders

Das also said, “I thank all the stakeholders in the financial sector and in the economy; experts and economists; industry bodies and associations; organisations in the agriculture, cooperative & service sectors for their inputs and policy suggestions.”

Special Mention of RBI Team

Das also appreciated the role of the RBI team.

“A BIG thank you to the entire Team RBI. Together, we successfully navigated an exceptionally difficult period of unprecedented global shocks. May the RBI grow even taller as an institution of trust and credibility. My best wishes to each one of you.”

Shaktikanta Das: Journey

Das has been twice ranked as the top central banker by the US-based Global Finance magazine.

He chaired his last meeting of the rate-setting panel — Monetary Policy Committee (MPC) — last week.

Soon after taking charge of the Mint Street office, he provided confidence to the market shaken by the sudden resignation of Patel amid a tussle between RBI and the government over the issue of surplus transfer.

He not only assuaged the concerns of the market but deftly sorted out issues related to surplus transfer to the government.

Barely a year after Das took charge as the RBI governor, Covid hit the world. As a key economic policymaker, Das faced challenging times in managing the disruptions caused by the lockdown. He chose to cut the policy repo rate to a historic low of 4 per cent, continuing with the low-interest rate regime for almost two years to help the economy hit badly by lockdowns.

With the revival of the economy hit by COVID-19, the Das-headed Monetary Policy Committee (MPC) was quick to raise interest rates starting May 2022 to avoid overheating the economy and keep inflation under check.

His deft handling of difficult monetary situations, checking inflation and boosting growth earned him re-appointment. The government extended his tenure for another three years in 2021.

Das was instrumental in ensuring that economic growth remains over 7 per cent in the last 4 years of his six-year term.

His governance has always been in sync with what the Narendra Modi government wanted in an RBI chief after the successive stints of Raghuram Rajan and Urjit Patel, which were marred by constant conflicts between the RBI and the North Block, the home to the Ministry of Finance.

Not once since he took over did the issue of the RBI autonomy come up in news headlines. Das has been articulate and approachable to his colleagues and the media, and a consensus man who kept the communication channels alive with the bosses in Delhi.

Earlier this year, the central bank handed over the highest-ever dividend of Rs 2.11 lakh crore.

Before joining the RBI, he spearheaded Prime Minister Narendra Modi’s 2016 demonetisation drive while then RBI Governor Urjit Patel took a backseat through the whole process.

The stability of the financial system was a key agenda, Das kept a close watch overheating in some segments as well as errant players and taking pre-emptive action wherever required.

Das, a 1980 batch IAS officer, served as the Secretary of the Department of Revenue and Department of Economic Affairs. Post-retirement, he was appointed as a Member of the 15th Finance Commission and G20 Sherpa of India.

Das has vast experience in various areas of governance in the last 38 years. He has held important positions in the central and state governments in the areas of Finance, Taxation, Industries, and Infrastructure, among others.

During his long tenure in the Ministry of Finance, he was directly associated with the preparation of as many as eight Union Budgets.

Das is a postgraduate from St Stephen’s College, Delhi University.

Last Updated:December 09, 2024, 20:41 IST

The Government has appointed Revenue Secretary Sanjay Malhotra as the 26th Governor of the Reserve Bank of India

Reserve Bank Of India Governor Sanjay Malhotra

RBI Governor News: The Government of India has appointed Revenue Secretary Sanjay Malhotra as the 26th Governor of the Reserve Bank of India (RBI), effective Wednesday. The Appointments Committee of the Cabinet cleared his name for the prestigious position, with Malhotra set to serve a three-year term.

Who is Sanjay Malhotra?

Sanjay Malhotra, a 1990-batch Indian Administrative Service (IAS) officer from the Rajasthan cadre, will take over from Shaktikanta Das, whose term concludes on Tuesday, December 10, 2024. Malhotra, an engineering graduate in computer science from the Indian Institute of Technology (IIT) Kanpur, also holds a Master’s in Public Policy from Princeton University, USA.

Sanjay Malhotra’s Experience

With over 33 years of distinguished service, Malhotra has worked across diverse sectors, including power, finance and taxation, information technology, and mines. He is currently serving as the Secretary (Revenue) in the Ministry of Finance. Before this, he held the position of Secretary in the Department of Financial Services under the Ministry of Finance.

Expert In Finance And Taxation

Malhotra brings extensive expertise in finance and taxation at both the state and central government levels. In his current role, he has played a key role in shaping tax policy, particularly in direct and indirect taxes, making him well-equipped for his new responsibilities at the helm of India’s central bank.

His appointment follows the end of Shaktikanta Das’s tenure as RBI Governor.

Das, who took office on December 12, 2018, after the sudden resignation of Urjit Patel, was granted an extension after completing his initial three-year term.

His leadership played a pivotal role in stabilising the markets following Patel’s abrupt departure, especially during a tense period over the issue of surplus transfer between the RBI and the government.

Last Updated:December 09, 2024, 18:17 IST

Sanjay Malhotra, a 1990-batch IAS officer, holds an Engineering degree in Computer Science from IIT Kanpur and a Master’s in Public Policy from Princeton University, USA

Government Has Appointed Sanjay Malhotra As The New RBI Governor

In a significant move, the Government of India has appointed Sanjay Malhotra, the current Revenue Secretary, as the next Governor of the Reserve Bank of India (RBI). As per a notification issued by the Department of Personnel and Training (DPoT), Malhotra will take on the prestigious role for three years.

The Appointments Committee of the Cabinet cleared Malhotra’s name, who has been appointed as the 26th RBI Governor, starting Wednesday.

Shaktikanta Das, whose current term is due to end on December 10, has already been the RBI’s governor for longer than the typical five-year maximum of recent decades (since the 1960s).

Who Is Sanjay Malhotra?

Sanjay Malhotra, a 1990-batch Indian Administrative Service (IAS) officer of the Rajasthan cadre, holds an Engineering degree in Computer Science from the Indian Institute of Technology (IIT) Kanpur and a Master’s in Public Policy from Princeton University, USA.

With over 33 years of distinguished service, Malhotra has demonstrated exceptional leadership across various sectors, including power, finance and taxation, information technology, and mines.

Before serving as the Secretary (Revenue) in the Ministry of Finance, he held the position of Secretary in the Department of Financial Services under the Ministry of Finance, Government of India.

Malhotra has extensive expertise in finance and taxation at both the State and Central Government levels.

Shaktikanta Das Journey

First Appointment As RBI Governor In 2018

Das was first appointed as the 25th governor of the RBI in December 2018 for a term of three years and later granted a three-year extension in 2021. He succeeded Urjit Patel on December 12, 2018.

Prior Experience

Prior to this, Das, who is a retired 1980-batch IAS officer of Tamil Nadu cadre, served as the economic affairs secretary, revenue secretary and fertiliser secretary. He also also India’s Alternate Governor in the World Bank, ADB, NDB & AIIB. In the Tamil Nadu government, he has also served as the principal secretary (industries), special commissioner (revenue), and secretary (revenue).

Educational Qualifications

Born in Bhubaneswar, Das, 67, earned bachelor’s and master’s degrees in history from St. Stephen’s College, University of Delhi.

Leadership Recognition

Shaktikanta Das was recently named the top central banker by Global Finance for the second consecutive year in 2024, with an A+ rating for his leadership in guiding the RBI through challenging economic times.

Shaktikanta Das was hospitalised in Chennai on November 25 due to issues related to ‘acidity’, and is now doing fine. Das was admitted to Apollo Hospital for observation.