On December 11, 2024, Sanjay Malhotra assumed office as the 26th Governor of the Reserve Bank of India (RBI). His appointment follows the conclusion of Shaktikanta Das' tenure, which ended on December 10, 2024. Malhotra’s assumption of office is crucial, as it marks a new chapter for India's central banking system at a time when the country’s economy is in a relatively stable phase.

Malhotra, a 56-year-old officer from the 1990 batch of the Indian Administrative Service (IAS), hails from the Rajasthan cadre. He brings with him a wealth of experience, having previously served as the Chairman and Managing Director of the state-run Rural Electrification Corporation (REC) Limited. His contributions were instrumental in boosting India’s tax collections in recent years, further solidifying his credentials as a seasoned policymaker.

Having graduated from IIT-Kanpur, Malhotra also holds a master’s degree in public policy from Princeton University, US. His diverse academic and professional background positions him well to lead the RBI during a period of economic uncertainty and rapid change.

As the new RBI Governor, Malhotra is expected to play a key role in the coordination between fiscal and monetary policies. Analysts are closely watching his stance on potential interest rate cuts, with some speculating that the central bank may adopt a more accommodative policy in early 2025.

Notably, Malhotra is the second consecutive career civil servant to hold the post of RBI Governor, following Shaktikanta Das. The continuity in leadership is expected to ensure a smooth transition, with a focus on maintaining financial stability, managing inflation, and sustaining economic growth.

Malhotra is also expected to address the media at 3 pm on the same day, with further insights into his vision for the RBI and the country’s financial landscape under his leadership.

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