Mon Dec 09 16:22:44 UTC 2024: ## Government Appoints Sanjay Malhotra as New RBI Governor

**New Delhi, December 9, 2024** – The Indian government has appointed Sanjay Malhotra, currently the Revenue Secretary, as the new Governor of the Reserve Bank of India (RBI). He will succeed Shaktikanta Das, whose term ends on December 10, 2024, and will assume office on December 11th. The appointment was approved by the Union Cabinet today.

Malhotra, a 1990-batch IAS officer from the Rajasthan cadre, holds an engineering degree in computer science from IIT Kanpur and a master’s degree in public policy from Princeton University. With over 33 years of experience in various sectors including power, finance, taxation, information technology, and mines, he is considered an expert in finance and taxation at both state and central government levels. Before his current role, he served as Secretary in the Department of Financial Services under the Ministry of Finance.

Malhotra’s appointment comes at a challenging time for the RBI, which is facing increasing pressure to cut interest rates amid slowing economic growth. India’s GDP growth rate fell to a seven-quarter low of 5.4% in the July-September period. Das, during his tenure, largely kept interest rates unchanged for nearly two years, citing inflation risks.

Das, a 1980-batch IAS officer from the Tamil Nadu cadre, was appointed RBI Governor in December 2018. His tenure was subsequently extended for three years. He was recently awarded the title of world’s top central banker for the second consecutive year by Global Finance.

Malhotra is known for his meticulous research and is considered a strong and reformist officer, particularly in financial matters. He is reportedly a favorite of Prime Minister Narendra Modi.

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