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Economy, Today in News
Mahesh

09/12/24 17:53 PM IST

Revenue Secretary Sanjay Malhotra appointed new RBI Governor

In News
  • Revenue secretary Sanjay Malhotra has been appointed as the new Reserve Bank of India governor.
About Sanjay Malhotra
  • Currently serving as Revenue Secretary in the Ministry of Finance, Malhotra brings over 33 years of experience across key sectors, including finance, taxation, power, information technology, and mining.
  • An engineering graduate in Computer Science from the Indian Institute of Technology (IIT) Kanpur, Malhotra also holds a master’s degree in Public Policy from Princeton University, US. His career has spanned critical roles in both state and central governments, shaping policies in diverse fields.
  • Before his current role, Malhotra was Secretary in the Department of Financial Services, where he oversaw India’s financial and banking sectors. His earlier tenure as Chairman and Managing Director of state-run REC Ltd. saw the company through significant growth phases.
  • As Revenue Secretary since December 2022, Malhotra has played a crucial role in formulating tax policies for both direct and indirect taxes. His leadership has been instrumental in driving buoyant tax collections, a vital factor for India’s fiscal health.
  • Malhotra also served as the ex-officio Secretary to the GST Council, the body responsible for managing the Goods and Services Tax (GST) framework in India. His role required balancing the sometimes conflicting fiscal expectations of states while maintaining the integrity of the national tax system.
  • Besides taxes, Malhotra was involved in overseeing the government’s non-tax revenue sources, including income from interest on loans, dividends from public sector units (PSUs), and service fees.

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