The Appointments Committee of the Cabinet cleared Malhotra’s name, who has been appointed as the RBI Governor for three years, starting Wednesday.
Malhotra, a 1990 Batch Rajasthan Cadre IAS Officer, will replace Shaktikanta Das, whose tenure ends on Tuesday (December 10, 2024).
Malhotra, who will be the 26th RBI Governor, is an engineering graduate in computer science from the Indian Institute of Technology, Kanpur, and has a Master’s in Public Policy from Princeton University, US.
In his career of over 33 years, he has worked in multifarious sectors, including power, finance and taxation, information technology, and mines, among others. Presently, he is the Secretary (Revenue) in the Ministry of Finance.
In his previous assignment, he held the post of Secretary in the Department of Financial Services under the Ministry of Finance.
He has extensive experience in finance and taxation at the state as well as the central government levels. As a part of his present assignment, he plays an instrumental role in tax policy formulation in respect of direct and indirect taxes.
Das was appointed as the 25th Governor of the RBI on December 12, 2018, after the abrupt exit of Urjit Patel.
He was granted an extension after completing three-year terms in office. His extended tenure ends on Tuesday.
Soon after taking charge of the Mint Street office, he provided confidence to the market shaken by the sudden resignation of Patel amid a tussle between the RBI and the government over the issue of surplus transfer.
