IITian at RBI's helm: What awaits Sanjay Malhotra at Central bank
Shaktikanta Das, another finance ministry bureaucrat has been appointed as the governor of the Reserve Bank of India (RBI). Revenue Secretary Sanjay Malhotra will replace Das. Economists were speculating over the future of Das in the wake of data showing the South Asian economy expanded 5.4% from July to September, a seven-quarter low and far below the Reserve Bank of India’s 7% projection, Bloomberg reported.
When Shaktikanta Das joined the central bank six years ago, he had waded into a government-RBI rift. A deft bureaucrat like his predecessors Duvvuri Subbarao and YV Reddy, Das had a tough job: to clean the mess left by high-profile economists Raghuram Rajan and Urjit Patel whose tenure at the helm of the RBI was marked by spats with the government, erosion of confidence and high uncertainty.
Now, when expectations for a rate cut have spiked after a long rate pause and the GDP dip, Malhotra will be heading the Monetary Policy Committee (MPC) when it considers a rate cut in its February meeting.
Who is Sanjay Malhotra?
Malhotra, a seasoned bureaucrat, will be the 26th governor of the apex bank, succeeding Das, whose term is set to end Tuesday.
Malhotra, a 1990 Batch Rajasthan Cadre IAS Officer, will assume office n December 11, 2024 for a period of three years, the appointment committee of the cabinet said in a notification. Before becoming the revenue secretary in December 2022, Malhotra worked as an officer on special duty (OSD) in the revenue department.
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