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Sanjay Malhotra

About Sanjay Malhotra

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Who is Sanjay Malhotra

Senior bureaucrat Sanjay Malhotra is poised to become the 26th Governor of the Reserve Bank of India (RBI). He will take over from Shaktikanta Das, whose six-year tenure at the central bank comes to an end on 10 December, 2024. Malhotra, who is currently working with the Department of Revenue, will take charge as RBI Governor on 11 December.
Education and career
 
A 1990-batch Indian Administrative Service (IAS) officer of the Rajasthan cadre, Malhotra has held several key positions throughout his career. He holds a holds an engineering degree in Computer Science from the Indian Institute of Technology (IIT) Kanpur and a master's in public policy from Princeton University.
 
On 9 November, 2020, Malhotra assumed the role of Chairman and Managing Director of Rural Electrification Corporation (REC) Limited, a public sector enterprise under the Ministry of Power. Following this, he served as the secretary in the Department of Financial Services (DFS).
 
In October 2022, he took charge as the officer on special duty (OSD) in the Department of Revenue. In December 2022, he took over the role of Revenue Secretary in the Ministry of Finance, succeeding Tarun Bajaj. As Revenue Secretary, Malhotra was responsible for overseeing tax administration, including direct and indirect taxes, and ensuring compliance with revenue-related policies.
 
In April 2023, he was also assigned the additional charge of Secretary, Ministry of Corporate Affairs.

Latest Updates on Sanjay Malhotra

RBI emerging as Asia's rate outlier as oil shock fails to shift outlook

RBI Governor Sanjay Malhotra has said the central bank will remain data-dependent, with resilient growth and contained inflation allowing it to keep policy unchanged despite higher oil prices

Updated On: 06 Aug 2026 | 10:06 AM IST

The story now is not 'lower for longer', but the calm before higher rates

Strong growth, above-target inflation projections and near-zero real interest rates suggest the RBI's dovish stance may not last, raising the prospect of higher rates ahead

Updated On: 05 Aug 2026 | 11:09 PM IST

'Our endeavour is to bring inflation in line with target over medium term'

RBI Governor Sanjay Malhotra said policy will remain guided by headline inflation and evolving growth dynamics, while reaffirming the central bank's data-dependent approach

Updated On: 05 Aug 2026 | 11:01 PM IST

No early closure of FCNR (B) swap window: RBI Governor Sanjay Malhotra

Governor Sanjay Malhotra says mobilisation under the concessional FCNR(B) swap window remains robust, with no proposal to close the scheme before its September 30 deadline

Updated On: 05 Aug 2026 | 10:53 PM IST

22 years later, RBI set to resume UCB licensing through on-tap framework

The Reserve Bank of India will soon issue draft guidelines for on-tap licensing of urban co-operative banks, setting stringent eligibility norms for credit co-operative societies seeking conversion

Updated On: 05 Aug 2026 | 10:49 PM IST

Status quo policy: Rate hike may still not be on the cards this year

RBI keeps the repo rate unchanged at 5.25%, raises FY27 growth forecast, trims inflation outlook and leaves the door open on future rate hikes amid global uncertainty

Updated On: 05 Aug 2026 | 10:35 PM IST

RBI sees liquidity surplus peaking in September before normal absorption

Governor Sanjay Malhotra says surplus liquidity is likely to peak around September before being absorbed through higher currency circulation, reserve requirements and maturing forex forwards

Updated On: 05 Aug 2026 | 6:42 PM IST

Explained: Why RBI wants to restart UCB licensing after a two-decade pause

After a 20-year freeze, the RBI is preparing to issue new UCB licences as reforms, stronger oversight and improving financial health reshape the cooperative banking sector

Updated On: 05 Aug 2026 | 2:36 PM IST

Will continue to prioritise inflation, says RBI governor Sanjay Malhotra

"We have to watch out for monsoon… how it progress because a significant population depends on agriculture," he said

Updated On: 17 Jul 2026 | 10:37 PM IST

West Asia tensions, weak monsoon key risks for Indian economy: RBI Governor

RBI Governor Sanjay Malhotra said inflation risks remain elevated due to West Asia tensions, rising oil prices and the possibility of a weak monsoon, even as supply-side pressures dominate

Updated On: 17 Jul 2026 | 11:00 AM IST

Remain alert to external, domestic risks: RBI governor Sanjay Malhotra

Preserving financial stability more important than ever, says RBI governor Sanjay Malhotra

Updated On: 30 Jun 2026 | 4:44 PM IST

10-year govt bond yield at three-month low as RBI eases rate worries

The benchmark 10-year bond yield fell 6 basis points to 6.80 per cent as RBI Governor Sanjay Malhotra's remarks eased rate-hike concerns

Updated On: 25 Jun 2026 | 12:11 AM IST

Banks must tap digital rails to deepen MSME credit access: RBI Governor

Sanjay Malhotra says financial institutions should leverage ULI, Account Aggregator and other digital platforms to build a more inclusive MSME credit ecosystem

Updated On: 22 Jun 2026 | 10:57 PM IST

MPC Minutes: Need to stay watchful on inflation, says RBI governor

The Reserve Bank of India (RBI) on Friday released the minutes of meeting of the Monetary Policy Committee (MPC) held during June 3-5

Updated On: 19 Jun 2026 | 6:21 PM IST

RBI, govt charm offensive may draw up to $50 billion global flows

Bond tax exemption, easier access for foreign funds may help cover FY27 BoP gap

Updated On: 05 Jun 2026 | 11:34 PM IST

RBI keeps repo rate unchanged at 5.25%; retains 'neutral' policy stance

The Reserve Bank of India held the repo rate at 5.25 per cent for a third straight review, raising its inflation forecast while warning of risks from the prolonged West Asia conflict

Updated On: 05 Jun 2026 | 11:01 AM IST

How India can halt capital flight as trade deficit widens, rupee falls

With the rupee nearing the psychologically important 100-per-dollar mark, RBI Guv Malhotra and PM Modi may need to raise interest rates and offer targeted tax incentives to stem capital outflows

Updated On: 05 Jun 2026 | 8:23 AM IST

RBI may turn to 2013 taper tantrum playbook to defend weakening rupee

The urgency has grown after the rupee slumped to a record low of nearly 97 per dollar this week, driving up import costs and further eroding investors' confidence

Updated On: 22 May 2026 | 11:42 AM IST

RBI raises trading targets for dealers to improve bond market liquidity

The move underscores the RBI's push to deepen liquidity in sovereign debt, a priority that Governor Sanjay Malhotra highlighted this month

Updated On: 15 May 2026 | 11:05 AM IST

MPC to look through West Asia shock if it's transitory: RBI Governor

Coordination with fiscal policy becomes critical amid 'supply shock as bad as it is', says Malhotra

Updated On: 13 May 2026 | 10:53 PM IST