The tenure of the current Reserve Bank of India (RBI) Governor, Shaktikanta Das, is set to conclude on December 10. Das, who took office as the 25th RBI Governor in December 2018, has served more than the usual five-year term, surpassing the tenure of his predecessor, Urjit Patel. He was reappointed for a second term in 2021. A retired IAS officer from Tamil Nadu’s 1980 batch, Das has held various key positions in the Indian government, including Secretary in the Ministry of Finance and Secretary in the Revenue Department. He also served as the Chief Secretary for the Tamil Nadu government and worked in several capacities at the World Bank and ADB.

Das, a graduate and post-graduate in History from St. Stephen’s College, Delhi University, recently made headlines for being named as one of the Top Central Bankers globally for 2024 by Global Finance. His leadership, particularly during the economic challenges posed by inflation and growth slowdown, has garnered considerable acclaim.

Sanjay Malhotra, a 1990 batch IAS officer from the Rajasthan cadre, has been appointed as the new RBI Governor. Currently serving as the Secretary of the Department of Revenue, Malhotra will take over from Das on December 11. The Cabinet Appointment Committee has approved his appointment, which will be effective for a three-year term.

Malhotra brings over 33 years of experience in critical areas such as finance, taxation, power, information technology, and mining. His appointment comes at a pivotal time, with the economy facing challenges in controlling inflation and boosting economic growth.