Tue Dec 10 07:21:41 UTC 2024: ## Government Appoints Sanjay Malhotra as New RBI Governor

**NEW DELHI** – The Indian government announced the appointment of Sanjay Malhotra as the new Governor of the Reserve Bank of India (RBI) on Monday. Malhotra, currently the Revenue Secretary, succeeds Shaktikanta Das after a six-year tenure. His three-year term begins immediately.

The appointment ends weeks of speculation surrounding the leadership of India’s central bank, a critical role during a time of economic slowdown. India’s GDP growth recently dipped to a seven-quarter low of 5.4 percent, placing pressure on the RBI to consider interest rate reductions. Under Das, interest rates remained steady for nearly two years due to inflation concerns.

Malhotra, a 1990-batch IAS officer from the Rajasthan cadre, brings a wealth of experience to the position. His background includes expertise in power, finance, taxation, information technology, and mining. He holds a Computer Science Engineering degree from IIT Kanpur and a Master’s in Public Policy from Princeton University. His previous roles include Chairman and Managing Director of Rural Electrification Corporation Limited and Secretary of the Department of Financial Services, where he played a key role in financial reforms and strengthening the banking sector. He also served as ex-officio Secretary to the GST Council.

The RBI Governor is appointed by the central government under the RBI Act, 1934. The selection process involves the Department of Financial Services shortlisting candidates based on qualifications and experience, followed by recommendations from experts and consultations within the government.

**(Note: The information about the Uno Minda car music system has been omitted as it is unrelated to the RBI Governor appointment.)**

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