Sanjay Malhotra Appointed as New RBI Governor

NEW DELHI: Sanjay Malhotra, the current Revenue Secretary, has been appointed as the Governor of the Reserve Bank of India (RBI). He will take office on Wednesday for a three-year term, as announced by the government.

A 1990-batch Indian Administrative Service (IAS) officer from the Rajasthan cadre, Mr. Malhotra holds a degree in Computer Science from the Indian Institute of Technology, Kanpur, and a Master's in Public Policy from Princeton University, USA.

Over his 33-year career, he has gained extensive experience in various sectors, including power, finance and taxation, information technology, and mining.

Before becoming Revenue Secretary, Mr. Malhotra served as the Secretary in the Department of Financial Services.

His career has also involved significant expertise in finance and taxation at both the state and central government levels, with a particular focus on formulating policies for direct and indirect taxes, as highlighted on the Department of Revenue website.

Meanwhile, earlier this week, the Indian stock market closed flat on Friday after the announcement of the RBI’s Monetary Policy Committee (MPC) decisions on repo and CRR rates, as selling was seen in IT, financial services, and pharma sectors and buying was seen in auto and metal stocks.

At closing, Sensex settled at 81,709.12, down by 56.74 points, or 0.07 per cent, and Nifty ended at 24,677.80, down by 30.60 points, or 0.12 per cent.

The result of the RBI MPC meeting saw the repo rate kept steady but a 50 basis point cut in CRR was seen as a major highlight.

By maintaining the repo rate at 6.5 per cent and implementing a 50 bps CRR cut to 4 per cent, the central bank has infused Rs 1.16 lakh crore into the banking system.

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