New RBI Governor Sanjay Malhotra Biography, Education Qualification and Career Details

Sanjay Malhotra was appointed the twenty-sixth governor of the Reserve Bank of India (RBI) on December 11, 2024. He is a prominent Indian Administrative Service (IAS) officer from the 1990 batch of the Rajasthan cadre. 

Born on February 14, 1968. Malhotra holds a Bachelor's degree in Computer Science from the Indian Institute of Technology (IIT) Kanpur and a Master's degree in Public Policy from Princeton University, USA. 

His educational background combines technical expertise with policy insight, setting a strong foundation for his career in public service and finance.

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Who is Sanjay Malhotra?

Sanjay Malhotra is a 1990-batch Indian Administrative Service (IAS) officer from the Rajasthan cadre, recently appointed as the 26th Governor of the Reserve Bank of India (RBI).

Career Highlights

Before being appointed as the 26th Governor of the Reserve Bank of India (RBI), effective December 11, 2024, Malhotra served as the Revenue Secretary in the Ministry of Finance. 

His career spans over 33 years, during which he has held significant positions across various sectors including finance, taxation, power, information technology, and mining. 

• Revenue Secretary: In this role, he was instrumental in formulating tax policies and enhancing tax revenue growth. His leadership contributed to robust tax collections essential for India's fiscal health.
• Department of Financial Services: Previously, Malhotra was Secretary in this department where he oversaw financial reforms and strengthened the banking sector.
• Chairman and Managing Director of REC Ltd.: He led this government-owned power sector finance company through critical growth phases.

Appointment as RBI Governor

Sanjay Malhotra's appointment as RBI Governor comes at a crucial time for India's economy, as he replaces Shaktikanta Das, who served in the role for six years. 

His extensive experience in fiscal policymaking and tax administration is expected to play a vital role in shaping India's monetary policy and addressing economic challenges such as inflation and growth stability amidst global uncertainties.

What are the key policies Sanjay Malhotra has formulated in his current role?

In his role as Revenue Secretary, Sanjay Malhotra has formulated several key policies that have significantly impacted India’s tax framework and fiscal health. Here are some of the notable policies and initiatives he has been involved with:

Direct and Indirect Tax Policy Formulation:

Malhotra has played a pivotal role in shaping policies related to both direct and indirect taxes. His leadership has been crucial in enhancing the efficiency of tax collection systems, thereby improving revenue generation for the government.

Goods and Services Tax (GST) Management:

As the ex-officio Secretary to the GST Council, he managed the complexities of the GST framework, ensuring its effective implementation across states. This involved reconciling fiscal expectations among various state governments while maintaining the integrity of the GST system.

Tax Collection Enhancement:

Under his guidance, there has been a focus on driving robust tax collections, which are essential for supporting India's fiscal health. This includes initiatives aimed at broadening the tax base and improving compliance among taxpayers.

Non-Tax Revenue Management:

Malhotra has overseen the management of non-tax revenue streams, including income from interest on loans, dividends from public sector undertakings (PSUs), and service fees. This comprehensive oversight reflects his understanding of the broader financial ecosystem and its contribution to government revenues.

Financial Reforms:

During his tenure as Secretary of the Department of Financial Services, he was instrumental in implementing various financial reforms aimed at strengthening India’s banking sector. This included initiatives to improve banking regulations and enhance financial stability.

Fiscal Policy Initiatives:

His experience in fiscal policymaking has positioned him to address emerging economic challenges effectively, especially as he transitions to his role as RBI Governor during a period marked by economic uncertainty and pressure to adjust interest rates. 

Sanjay Malhotra is appointed as the 26th Governor of the Reserve Bank of India pic.twitter.com/eK2m3z32ay

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Also Read| List of Governors of Reserve Bank of India (1935-2024)

Who is Sanjay Malhotra, the New RBI Governor Replacing Shaktikanta Das?