1990 Batch IAS Sanjay Malhotra Takes Charge as 26th RBI Governor
Early Life of Sanjay Malhotra
Sanjay Malhotra was born on 14 February 1968 in Bikaner, Rajasthan. Malhotra upbringing in Rajasthan was deeply influenced by his parents, who instilled in him the importance of education and hard work. His mother, Usha Malhotra, played a significant role in nurturing his early development.
Education Background of Sanjay Malhotra
Sanjay Malhotra done his secondary education from Navodaya Vidyalaya. After completing his schooling, he received a BTech degree in computer science & engineering from IIT Kanpur. After that he got his postgraduate degree from Princeton University in the United States. Over 30 years of his career, he has worked in diverse sectors, including finance, taxation, IT, power, and mining. Sanjay Malhotra brings a strong academic and professional to his new role.
Achievements and Awards won by Sanjay Malhotra
As of December 22, 2024, Sanjay Malhotra serves as the 26th governor of the Reserve Bank of India. There is some data on his achievements and awards
| Achievements/Awards | Details |
|---|---|
| Revenue Secretary of India | As Revenue Secretary of India, Malhotra played an important role in formulating polices on direct and indirect taxes, contributing to India’s favorable ratings during the Financial Action Task Force (FATF) evaluation. |
| Secretary, Department of Financial Services | Oversaw financial reforms and strengthened the banking sector, enhancing financial inclusion and stability. |
| Chairman and Managing Director, Rural Electrification Corporation limited | Led initiatives to improve rural electrification, significantly contributing to India’s power sector development. |
| Padma Shri (2019) | Honored with one of India’s highest civilian awards for outstanding contributions to trade and industry. |
| Central Banker of the year | Recognized by Global finance magazine for two consecutive terms for adept navigation of India’s economic growth. |
Career Highlights of Sanjay Malhotra
Before being appointed as 26th governor of Reserve Bank of India, effective December 11, 2024, Sanjay Malhotra served as the Revenue Secretary in Depatment of financial services . His career spans over 33 years, during which he has held significant positions across various sectors including finance, taxation, power, information technology and mining. In the role of Revenue Secretary, he was instrumental in formulating tax policies and enhancing tax revenue growth. His leadership contributed to robust tax collections essential for India’s fiscal health. Previously Malhotra was secretary in this department where he oversaw financial reforms and strengthened the banking sector. He also holds the position of Chairman and managing director of REC ltd.
Sanjay Malhotra as RBI’s Govhernor
As new RBI Governor, Sanjay Malhotra will receive a salary of Rs. 2.5 lakh per month, similar to his predecessor Shaktikanta Das. It is worth nothing that his salary is on par with what a government secretary earns. However, the governor also enjoys a range of benefits, including a government-provided house, an official car, medical services, and a pension. The official residence provided to the RBI governor is a luxurious property located in Malabar hills, Mumbai. In an interesting anecdote shared by former RBI governor Raghuram Rajan during a podcast, he mentioned that the governor’s house in Malabar hill could fetch a value of Rs. 450 crores if sold.
First Press-conference of Sanjay Malhotra
Watch New RBI Governor Press Conference
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