Who is Sanjay Malhotra, the next RBI Governor?

Sanjay Malhotra has been appointed as the new Governor of the Reserve Bank of India (RBI) for a three-year term, succeeding Shaktikanta Das. Malhotra has extensive experience in various sectors, including finance and taxation.

Background and Education

Malhotra is an Indian Administrative Service (IAS) officer from the 1990 batch. He graduated with a degree in Computer Science from the Indian Institute of Technology (IIT) Kanpur and also holds a master’s degree in Public Policy from Princeton University.

Professional Experience

He has over 33 years of experience in government roles. Malhotra has served in both state and central governments. His career spans sectors such as finance, taxation, power, IT, and mining. Before his current role, he was Secretary of the Department of Financial Services.

Role as Revenue Secretary

Since December 2022, Malhotra has been the Revenue Secretary in the Ministry of Finance. He has been instrumental in shaping both direct and indirect tax policies. His efforts have boosted tax collections, essential for India’s economic growth.

As Secretary to the GST Council, he balanced the tax requirements of states with national interests. He also managed non-tax revenue sources, including income from loans and dividends from public sector units. His work has enhanced the efficiency of tax administration in India.

Leadership at REC Ltd.

Malhotra previously served as Chairman and Managing Director of REC Ltd. He led the company through a period of growth. His leadership skills have been recognised across various sectors.

As the new RBI Governor, Malhotra is expected to influence monetary policy and banking regulations. His extensive experience positions him well to tackle upcoming economic challenges.

GKToday Facts for Exams:

1. IAS: The Indian Administrative Service is one of the premier civil services in India. IAS officers are responsible for the administration of the country. They play crucial roles in governance.
2. GST Council: The Goods and Services Tax Council is a constitutional body in India. It is responsible for making recommendations on GST rates and policies. The council comprises state and central government representatives.
3. REC Ltd.: Rural Electrification Corporation Limited is a public sector financial company in India. It funds power sector projects, primarily focusing on rural electrification. REC plays a vital role in enhancing energy access.

Month: Current Affairs - December, 2024

Category: Government Schemes Current Affairs