On Monday, the Indian government chose Sanjay Malhotra to be the new governor of the Reserve Bank of India (RBI). He will lead the RBI for three years, taking over from Shaktikanta Das, who has been in charge for six years.
Who is Sanjay Malhotra?
Sanjay Malhotra is a very experienced government officer. He joined the Indian Administrative Service (IAS) in 1990 and is part of the Rajasthan Cadre. Over the years, he has worked in many important areas like power, finance, technology, and mining. He also used to be the boss of the Rural Electrification Corporation Limited, a government company that helps provide electricity to rural areas.
Before he became revenue secretary, Malhotra worked as Secretary of the Department of Financial Services under the finance ministry. Here, he helped make major changes to improve the banking system in India and was involved with the Goods and Services Tax (GST) Council.
With a rich background in finance and taxation, Malhotra has helped create important tax policies. He earned his degree in Computer Science from IIT Kanpur and has a Master’s in Public Policy from Princeton University in the USA.
His new role comes at a time when there were talks about Shaktikanta Das possibly getting an extension as the RBI governor.
How is the RBI Governor Chosen?
The Indian government picks the RBI governor based on the rules set in the Reserve Bank of India Act of 1934. The governor is chosen by an important committee led by the Prime Minister. The Department of Financial Services shortlists candidates by looking at their skills and experience. They also seek advice from experts and economists. There’s no strict list of qualifications, but candidates are usually chosen for their knowledge in finance, banking, or public administration.
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