Sanjay Malhotra took office as the 26th Governor of the Reserve Bank of India on Wednesday, succeeding Shaktikanta Das. He will serve a three year term as the head of India’s central bank. Malhotra, 56, officially assumed office as the 26th governor of the Reserve bank of India for a three year term. A Princeton-educated revenue secretary and veteran bureaucrat with over three decades of Civil service experience, Malhotra succeeds Shaktikanta Das, who served as RBI governor for six years.
Malhotra’s appointment makes him the first RBI Governor since Duvvuri Sibbarao to transition directly from the Finance Minister, a move that has surprised many in government circles. Malhotra is an IAS Officer from the 1990 batch; he graduated in computer science from the Indian Institute of Technology, Kanpur, and completed his Master’s in public policy from Princeton University, United States. In his 33 year career, Malhotra has worked in finance, IT, Power, finance, mines, and taxation at both State And central government levels.
Underscoring the value of consultation in policy-making, he pledge to continue the RBI’s practice of engaging with stakeholders. He added that the knowledge and expertise are not the monopoly of any one institution and consultation will remain a key pillar of our policymaking process.