RBI Governor Sanjay Malhotra: New Reserve Bank Governor Sanjay Malhotra has given a big relief to the people in his first Monetary Policy Committee (MPC) meeting. Under his leadership, the RBI MPC has reduced the repo rate by 0.25 per cent. This cut has been made after about 5 years. Earlier, the RBI had cut interest rates for the last time during the corona period in May 2020. Let’s know who is RBI Governor Sanjay Malhotra, who has opened the way to reduce people’s EMI
Who is Sanjay Malhotra?
He is a Rajasthan cadre IAS officer of batch 1990. He is originally from Rajasthan. The central government had appointed Malhotra in the revenue department in October 2022. Prior to that, he was working as a secretary in the Financial Services Department. Malhotra has also been the chairman and MD of state-owned company REC Ltd.
Sanjay Malhotra studied at IIT Kanpur. He also holds a master’s degree in public policy from Princeton University. Malhotra has worked in sectors such as power, finance, taxation, IT and mines in his three-decade career.
Shaktikanta Das has been replaced by RBI Governor
Sanjay Malhotra was appointed RBI governor at the end of last year i.e. in December 2024. He had succeeded Shaktikanta Das, who retired after 6 years in office. The government did not extend the service to Shaktikanta Das as it was believed that there was a difference between the government and Shaktikanta on the issue of interest rate cut. After this, Sanjay Malhotra was made RBI governor.
Malhotra is one of Prime Minister Narendra Modi’s favourite bureaucrats. He also played a key role in the preparation of Budget 2024. He has long experience in handling work related to finance. The work of the Reserve Bank is overseen by the Central Board of Directors. Malhotra also has this experience.
How long is Malhotra’s tenure?
Malhotra took over as RBI Governor on 11 December 2024. His term is three years. Malhotra is working as the 26th Governor of RBI.
Malhotra has given a huge gift to people by cutting rates, but now he has a store of challenges ahead. The rupee is at an all-time low. GDP growth is slowing. There is also pressure to keep inflation under control. It remains to be seen how Malhotra will deal with these challenges as RBI governor.
