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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, 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

RBI goes for extended pause before rate hike amid rising uncertainties

RBI holds rates and signals a prolonged pause, balancing strong domestic fundamentals against rising global risks and persistent uncertainty

Updated On: 08 Apr 2026 | 11:43 PM IST

India's banking system resilient, safe, strong: RBI Governor Malhotra

RBI Governor says banking system remains resilient despite recent fraud cases, with no systemic risks seen and strong regulatory oversight in place

Updated On: 08 Apr 2026 | 11:13 PM IST

'Quite possible that rates will remain low in the near to medium term'

RBI signals policy flexibility amid uncertainty, with stable growth outlook, no rate path commitment, and confidence in inflation control and financial stability

Updated On: 08 Apr 2026 | 10:45 PM IST

RBI forex curbs on positions of banks, NDFs will not be permanent: Guv

In a post-monetary policy briefing, Malhotra said the central bank had observed heightened volatility in the foreign exchange market in recent weeks

Updated On: 08 Apr 2026 | 1:12 PM IST

West Asia conflict may lead to demand shock: RBI Governor Sanjay Malhotra

Elevated crude oil prices could raise imported inflation and widen the current account deficit, he says

Updated On: 08 Apr 2026 | 12:33 PM IST

RBI Guv Malhotra signals lower rates for longer, trade deal growth boost

MPC keeps repo, stance unchanged; awaits new data series

Updated On: 06 Feb 2026 | 11:58 PM IST

Surge in gold loans not a cause for concern, says Reserve Bank of India

Banks are shifting from unsecured loans to gold-backed lending amid rising gold prices, but RBI says low LTVs and limited exposure pose no systemic risk

Updated On: 06 Feb 2026 | 11:16 PM IST

Digital payments safety:  Reserve Bank of India proposes discussion paper

Decision on UPI MDR in govt's domain: RBI governor

Updated On: 06 Feb 2026 | 11:15 PM IST

RBI moves to push credit delivery, doubles collateral-free loans to MSMEs

Guv says move is 'indexation for inflation'

Updated On: 06 Feb 2026 | 11:13 PM IST

Macro fundamentals, including external sector, are strong and healthy: RBI

RBI Governor Sanjay Malhotra says India's macro fundamentals and external sector remain robust as borrowing, liquidity and rate outlook stay comfortable

Updated On: 06 Feb 2026 | 8:43 PM IST

RBI proposes Rs 25,000 compensation for small-value digital frauds

Under a proposed one-time framework, RBI plans to compensate customers for small-value digital frauds up to Rs 25,000, with the central bank and banks sharing the cost

Updated On: 06 Feb 2026 | 2:29 PM IST

RBI announces stricter fraud rules, mis-selling curbs to protect bank users

The central bank proposed draft rules to curb mis-selling, cap losses from unauthorised digital transactions and tighten recovery practices as part of a wider push to strengthen customer protection

Updated On: 06 Feb 2026 | 2:24 PM IST

India not selling US Treasury holdings despite forex fluctuations: RBI Guv

The country's holdings of long-term US debt had dropped to a five-year low of $174 billion as of November, down 26 per cent from a 2023 peak, according to US government data

Updated On: 06 Feb 2026 | 2:20 PM IST

Here's how RBI is trying to make banking easier for Indians with new rules

RBI MPC: The Reserve Bank of India unveiled plans to protect bank customers, curb digital fraud, ease loan rules for MSMEs, and simplify norms for banks, UCBs and NBFCs

Updated On: 06 Feb 2026 | 1:02 PM IST