Revenue Secretary Sanjay Malhotra has been appointed as the Governor of the Reserve Bank of India (RBI). He will assume office on Wednesday (December 11) for a term of three years, according to a government statement.
Malhotra is a 1990-batch Indian Administrative Service (IAS) officer from the Rajasthan cadre.
He received a master’s degree in public policy from Princeton University in the United States and a bachelor’s degree in computer science from the Indian Institute of Technology in Kanpur.
Over the course of his more than 33-year career, Malhotra has held positions in a range of sectors, including mining, information technology, power, finance and taxation.
He served as Secretary in the Department of Financial Services prior to being named Revenue Secretary. According to the Department of Revenue website, he has an abundance of knowledge in both national and state finance and taxation.
It states that Malhotra was a key contributor to the development of direct and indirect tax policies.
Shaktikanta Das, whose tenure will expire on Tuesday, is replaced by Malhotra. On December 12, 2018, Das was named the RBI’s 25th governor following Urjit Patel’s sudden exit. After Das’s three-year tenure ended, he was given an extension.
In the midst of a dispute between the RBI and the government over excess transfers, Das quickly restored confidence to the market after Patel abruptly resigned.
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