RBI New Governor / Sanjay Malhotra will be the new governor of RBI- will replace Shaktikanta Das

RBI New Governor: The government has appointed Revenue Secretary Sanjay Malhotra as the new Governor of the Reserve Bank of India (RBI). He will be the 26th Governor of RBI and will replace the current Governor Shaktikanta Das. This appointment has come at a time when the country's economy is facing many challenges.

Shaktikanta Das's tenure: A period of stability

Shaktikanta Das, a 1980 batch Tamil Nadu cadre IAS officer, became the RBI Governor in December 2018.

He played a role as Economic Affairs Secretary during controversial times like demonetisation.

During his five-year tenure, he tried to maintain financial stability through monetary policies.

Das represented India on global forums and introduced special policies to deal with the economic effects of COVID-19.

During his tenure, the economy projected a growth of 9.5% in 2022, although a decline of 7.3% was recorded earlier.

Sanjay Malhotra: Supporter of reforms

Sanjay Malhotra is known as a reformist and pragmatic approach officer.

Rajasthan native Malhotra played a major role in implementing financial reforms at the center and state level.

He is known for doing in-depth research on every issue.

He is counted among the close and trusted officers of Prime Minister Narendra Modi.

While working in the Finance Ministry, he implemented many important decisions and reforms, which made him known as a strong administrator.

Challenges in the new role

Sanjay Malhotra's appointment as RBI Governor has come at a time when the country's economy is facing challenges like high inflation, global financial uncertainties and maintaining growth rate.

Inflation control: Dealing with rising inflation in the last few years will be his priority.

Banking reforms: Ensuring the problem of NPAs and stability of financial institutions.

Digital economy: Further advancing UPI and digital payments.

Global instability: Managing impacts like Russia-Ukraine war and global recession.

Shaktikanta Das' legacy and the way forward

Shaktikanta Das kept the Reserve Bank of India a stable and trustworthy institution. His policies restored confidence in the financial market. Now Sanjay Malhotra is expected to carry forward this legacy and accelerate economic reforms.

Conclusion

Sanjay Malhotra's appointment signals the beginning of a new era in the Reserve Bank of India. His experience in financial management and reforms is expected to give a new direction to the country's economy. His appointment also shows that the government is relying on strong leadership to deal with the challenges facing the economy.