How is the RBI Governor appointed?
Sanjay Malhotra on Monday was appointed as the 26th Governor of the Reserve Bank of India as current Governor Shaktikanta Das' term ends on Tuesday.
Malhotra, a 1990 Batch Rajasthan Cadre IAS Officer, will assume office on December 11, 2024 for a period of three years, the appointment committee of the cabinet said in a notification. His appointment comes at a critical juncture as the RBI battles challenges like inflation control and slowing down of economic growth.
Malhotra is currently serving as Secretary (Revenue) in the Ministry of Finance. Previously, he held the position of Secretary in the Department of Financial Services.
How is the RBI Governor appointed?
The governor is appointed as the the RBI Act, 1934. The law states that the chief is appointed by the Central government.
The Financial Sector Regulatory Appointment Search Committee, consisting Cabinet Secretary, current RBI Governor, Financial Services Secretary and two independent members, prepares a list of people eligible to hold the post.
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