<p>The Modi government, on Monday, appointed union Revenue Secretary Sanjay Malhotra as the next Governor of the <a href="https://www.deccanherald.com/tags/rbi">Reserve Bank of India</a>. Malhotra, a 1990-batch Rajasthan-cadre IAS officer, will take charge of the central bank from December 11 for a three-year term.</p><p>Incumbent <a href="https://www.deccanherald.com/business/rbi-governor-shaktikanta-das-to-demit-office-on-dec-10-3310028#:~:text=Mumbai%3A%20Shaktikanta%20Das%20will%20demit,abrupt%20exit%20of%20Urjit%20Patel.">Shaktikanta Das</a> will step down on December 10 after serving six years as the RBI Governor.</p><p>“The Appointments Committee of the Cabinet has approved the appointment of Sanjay Malhotra, IAS, Secretary, Department of Revenue as Governor, Reserve Bank of India for a period of three years from 11.12.2024,” said a statement by the Department of Personnel and Training.</p>.Who is Sanjay Malhotra? Things to know about new RBI Governor.<p>Malhotra’s responsibilities will include regulation of the banking and financial services sectors, at a time when balance sheets are robust but there are growing concerns about unsecured retail lending, especially through some fintech start-ups.</p><p>He will also chair the meetings of the rate-setting Monetary Policy Committee (MPC), starting from its February meeting While GDP growth has slowed down to a seven-quarter low of 5.4% in the July-September quarter, food inflation still remains a concern, meaning that Malhotra will likely have to walk a rate tightrope.</p><p>A computer science graduate from the Indian Institute of Technology Kanpur, Malhotra has been a career bureaucrat. He also holds a Masters in Public Policy from Princeton University.</p><p>As Revenue Secretary, he plays an instrumental role in policy formulation for direct and indirect taxes and hence is a key member of Finance Minister Nirmala Sitharaman’s top team. Thus his appointment in the middle of the process of preparing the 2025 Union Budget comes as somewhat of a surprise, given that it necessitates the appointment of a new head of the Revenue Department.</p><p>Before his current role, Malhotra was the Financial Services Secretary in the centre, heading the department which directly deals</p><p>with the financial sector, especially public sector banks and insurance companies. He was also the Chairman and Managing Director of Rural Electrification Corp (REC) Ltd from November 2020 to February 2022.</p><p>Incidentally, outgoing RBI Governor Das had also served as Revenue Secretary, though his last role in the Finance Ministry was as Economic Affairs Secretary.</p>
<p>The Modi government, on Monday, appointed union Revenue Secretary Sanjay Malhotra as the next Governor of the <a href="https://www.deccanherald.com/tags/rbi">Reserve Bank of India</a>. Malhotra, a 1990-batch Rajasthan-cadre IAS officer, will take charge of the central bank from December 11 for a three-year term.</p><p>Incumbent <a href="https://www.deccanherald.com/business/rbi-governor-shaktikanta-das-to-demit-office-on-dec-10-3310028#:~:text=Mumbai%3A%20Shaktikanta%20Das%20will%20demit,abrupt%20exit%20of%20Urjit%20Patel.">Shaktikanta Das</a> will step down on December 10 after serving six years as the RBI Governor.</p><p>“The Appointments Committee of the Cabinet has approved the appointment of Sanjay Malhotra, IAS, Secretary, Department of Revenue as Governor, Reserve Bank of India for a period of three years from 11.12.2024,” said a statement by the Department of Personnel and Training.</p>.Who is Sanjay Malhotra? Things to know about new RBI Governor.<p>Malhotra’s responsibilities will include regulation of the banking and financial services sectors, at a time when balance sheets are robust but there are growing concerns about unsecured retail lending, especially through some fintech start-ups.</p><p>He will also chair the meetings of the rate-setting Monetary Policy Committee (MPC), starting from its February meeting While GDP growth has slowed down to a seven-quarter low of 5.4% in the July-September quarter, food inflation still remains a concern, meaning that Malhotra will likely have to walk a rate tightrope.</p><p>A computer science graduate from the Indian Institute of Technology Kanpur, Malhotra has been a career bureaucrat. He also holds a Masters in Public Policy from Princeton University.</p><p>As Revenue Secretary, he plays an instrumental role in policy formulation for direct and indirect taxes and hence is a key member of Finance Minister Nirmala Sitharaman’s top team. Thus his appointment in the middle of the process of preparing the 2025 Union Budget comes as somewhat of a surprise, given that it necessitates the appointment of a new head of the Revenue Department.</p><p>Before his current role, Malhotra was the Financial Services Secretary in the centre, heading the department which directly deals</p><p>with the financial sector, especially public sector banks and insurance companies. He was also the Chairman and Managing Director of Rural Electrification Corp (REC) Ltd from November 2020 to February 2022.</p><p>Incidentally, outgoing RBI Governor Das had also served as Revenue Secretary, though his last role in the Finance Ministry was as Economic Affairs Secretary.</p>