Sanjay Malhotra Appointed as the New Governor of RBI

The Government of India has appointed Sanjay Malhotra as the new chairman of the Reserve Bank of India (RBI).

The announcement made on Monday ended the period of speculation regarding the future head of the central bank in India, which is the fastest-growing major economy in the world. Malhotra, who is currently serving as the Secretary of Revenue in the Ministry of Finance, will assume his new role at the RBI for a three-year term starting from December 11. This appointment comes at a time when the central bank faces critical decisions amid economic challenges.

India's economic growth slowed to 5.4% in the July-September period, the lowest level in seven quarters, prompting calls for the RBI to reduce interest rates to stimulate growth. Malhotra will replace Shaktikanta Das, who has been leading the RBI since 2018 and has prioritized managing inflation risks by keeping interest rates unchanged for nearly two years during his tenure.