Who is Sanjay Malhotra, Centre's pick as RBI governor?
Sanjay Malhotra will succeed Shaktikanta Das, who has served as the head of India's central bank for six years.
The Union government on Monday appointed revenue secretary Sanjay Malhotra as the next governor of the Reserve Bank of India (RBI) for a three-year term.
Malhotra will succeed Shaktikanta Das, who has served as the head of India's central bank for six years.
Who is Sanjay Malhotra?
Malhotra is a 1990 batch Indian Administrative Service (IAS) officer of Rajasthan Cadre.
In his bureaucratic career, he has served as an officer in various sectors, including power, finance and taxation, information technology, mines, etc.
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Malhotra has served as the Chairman and Managing Director of the state-run Rural Electrification Corporation Limited.
Before his term as the revenue secretary, Malhotra served as the Secretary of the Department of Financial Services under the finance ministry.
He played a crucial role in implementing financial reforms and strengthening the banking sector. Malhotra also served as the ex-officio secretary to the GST Council.
According to the Department of Revenue, Malhotra has extensive experience in finance and taxation at the state and central governments.
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He has played an instrumental role in formulating policies regarding direct and indirect taxes.
Malhotra is an engineering graduate in Computer Science from the Indian Institute of Technology (IIT), Kanpur. He also holds a Master's in Public Policy from Princeton University in the United States.
His appointment comes at a time when reports suggested that the current governor Shaktikanta Das could be granted another extension.
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How is the RBI Governor appointed?
The central government appoints the head of India's central bank under the provisions of the Reserve Bank of India Act of 1934. The RBI governor is appointed by the Appointments Committee of the Cabinet (ACC), chaired by the Prime Minister.
The Department of Financial Services (DFS) in the Ministry of Finance shortlists candidates based on qualifications, experience, and suitability. Experts, bureaucrats, and economists, as well as various sources, also seek recommendations.
While the RBI Act does not mention specific, detailed eligibility criteria, the government considers persons with expertise in economics, banking, finance, or public administration.
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