India's Finance Minister Nirmala Sitharaman (left) with revenue secretary Sanjay Malhotra. — File photo
India has appointed current revenue secretary Sanjay Malhotra as the new Reserve Bank of India governor, according to a notification from the government's cabinet appointments committee on Monday. Malhotra, who has previously held the post of secretary in India's financial services department, will succeed Shaktikanta Das whose six-year term ends on Tuesday. The Indian Administrative Service Officer, with over three decades of experience across sectors including power, finance, taxation, information technology, and mines, has been appointed for a three-year term.
Das took over as central bank chief in 2018, succeeding Urjit Patel who resigned before the end of his term due to strained relations with the government. During his tenure, Das stabilized relations with the government and guided India's financial sector through a period of recovery. Most recently, he led efforts to prevent risk accumulation by urging lenders to avoid all "forms of exuberance". The central bank, under Das, has also been more active in financial markets, curbing exchange rate volatility to multi-year lows.
Source link: https://www.khaleejtimes.com
