Sanjay Malhotra is taking over the top bank at a difficult economic time. He is set to take charge as the 26th Governor of the RBI.
New Delhi: The term of Shaktikanta Das as the Governor of the Reserve Bank of India (RBI) ended on Monday. He was replaced by Sanjay Malhotra, Revenue Secretary in the Finance Ministry. Malhotra is set to take charge as the 26th Governor of the RBI. Sanjay, a 1990 UPSC batch Rajasthan cadre officer, will take over the new charge on Wednesday.
Sanjay is taking over the top bank at a difficult economic time. Retail inflation has crossed the central bank's upper tolerance limit. Retail inflation was 6.1 per cent in October. The government has tasked the RBI to ensure that consumer price index (CPI)-based inflation remains at 4 per cent with a margin of 2 per cent on either side. Sanjay will have to pass this 'test'. After the Monetary Policy Committee (MPC) meeting last Friday, outgoing RBI Governor Shaktikanta Das said, "The inflation rate is expected to be brought down to 4.8 percent in the current financial year. It is expected to increase to 5.7 percent in the third quarter. However, it will decrease to 4.5 percent in the fourth quarter. It is estimated that the inflation rate will come down to 4.6 percent in the first quarter of next year and 4 percent in the second quarter." Sanjay will work with that target this time.
Sanjay Malhotra is a computer science graduate from IIT Kanpur. He then did his master's degree in public policy from Princeton University in USA. In his 33-year career, he has held important positions in the fields of power, finance and taxation, information technology, mining, etc. Before being appointed as Revenue Secretary, he was Secretary of the Department of Financial Services.
New Delhi: The term of Shaktikanta Das as the Governor of the Reserve Bank of India (RBI) ended on Monday. He was replaced by Sanjay Malhotra, Revenue Secretary in the Finance Ministry. Malhotra is set to take charge as the 26th Governor of the RBI. Sanjay, a 1990 UPSC batch Rajasthan cadre officer, will take over the new charge on Wednesday.
Sanjay is taking over the top bank at a difficult economic time. Retail inflation has crossed the central bank's upper tolerance limit. Retail inflation was 6.1 per cent in October. The government has tasked the RBI to ensure that consumer price index (CPI)-based inflation remains at 4 per cent with a margin of 2 per cent on either side. Sanjay will have to pass this 'test'. After the Monetary Policy Committee (MPC) meeting last Friday, outgoing RBI Governor Shaktikanta Das said, "The inflation rate is expected to be brought down to 4.8 percent in the current financial year. It is expected to increase to 5.7 percent in the third quarter. However, it will decrease to 4.5 percent in the fourth quarter. It is estimated that the inflation rate will come down to 4.6 percent in the first quarter of next year and 4 percent in the second quarter." Sanjay will work with that target this time.
Sanjay Malhotra is a computer science graduate from IIT Kanpur. He then did his master's degree in public policy from Princeton University in USA. In his 33-year career, he has held important positions in the fields of power, finance and taxation, information technology, mining, etc. Before being appointed as Revenue Secretary, he was Secretary of the Department of Financial Services.
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