Delhi: In a major development, incumbent Treasury Secretary Sanjay Malhotra has been appointed as the new Governor of the Reserve Bank of India. Malhotra succeeds Shaktikanta Das, whose term ends this month. The announcement was made by the Union government after it was approved by the Appointments Committee of the Cabinet.
An experienced officer is at the helm.
Malhotra, a 1990 batch IAS officer of the Rajasthan cadre, brings with him a wealth of experience in budgeting and public administration. He has overseen various significant changes in taxation, budgeting, and fundraising and has earned a reputation for his approach and implementation of innovative solutions.
Challenges ahead for Malhotra
As RBI Governor, Malhotra plays an important role in the Indian economy. He will oversee monetary policy at a time when the country faces challenges such as controlling inflation and navigating global economic uncertainty to ensure economic stability.
Experts believe that Malhotra’s experience in monetary policy will play a vital role in fostering better coordination between the government and the central bank.
Government confidence in Malhotra
The finance ministry statement highlighted Malhotra’s exceptional record and expressed confidence in his ability to lead the central bank. “Sanjay Malhotra’s appointment comes at a crucial time. His deep understanding of economic development will strengthen RBI’s role in promoting growth and stability,” the statement said.
Property of outgoing Governor Shaktikant Das
Shaktikanta Das, who has been the Governor of the RBI since December 2018, is credited with guiding the Indian economy through difficult times, including the COVID-19 pandemic. Under his leadership, the RBI implemented measures to increase liquidity, stabilize markets, and promote monetary stability.
Das’s tenure saw important milestones, such as the launch of digital payment systems and financial inclusion initiatives.
Information from the industry and the market
Industry leaders and market analysts have received mixed reactions to the appointment. While some see Malhotra’s appointment as a sign that the process will continue, others are eager to see how he will tackle emerging challenges such as cryptocurrency regulation, the digital banking revolution, and global financial instability.
Looking ahead
Malhotra’s tenure as RBI Governor is likely to focus on balancing growth and curbing inflation, strengthening India’s financial system, and ensuring fiscal resilience. RBI will closely watch his leadership as RBI navigates its role in shaping India’s monetary and financial conditions.
The formal power shift in the RBI will take place in the coming weeks, marking a new chapter in the storied history of the institution.
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