Sanjay Malhotra is the 26th Governor of the Reserve Bank of India (RBI). He succeeds Shaktikanta Das, who completed his second 3-year term on December 10.
Malhotra holds a Computer Science degree from IIT Kanpur. He completed his Master's in Public Policy from Princeton University, USA.
A 1990-batch IAS officer from Rajasthan, Malhotra has over three decades of experience in public policy. He has served in critical roles in power, finance, and taxation sectors.
As Revenue Secretary, he played a pivotal role in implementing the new income tax regime. His tenure also witnessed significant tax reliefs and reforms in both direct and indirect taxation.
Malhotra shares excellent rapport with Finance Minister Nirmala Sitharaman. This alignment is expected to strengthen the synergy between monetary and fiscal policies.
He assumes office during a period of economic challenges, including slowing GDP growth and high inflation. India’s GDP growth slowed to 5.4% in Q2, while inflation hit a 14-month high of 6.21% in October.
Known as a team player, Malhotra believes inflation management requires collaboration between the RBI and the government.
He has held key positions such as CMD of Rural Electrification Corporation and Secretary of Financial Services. He also served on the RBI board as a representative of the financial services department.
Under his leadership, the revenue department simplified taxation policies and addressed key issues like GST on online gaming.
Malhotra's tenure as RBI Governor begins on December 11, 2024, for three years. Analysts are watching closely for his first steps, including possible interest rate cuts to spur economic growth.