Revenue Secretary Sanjay Malhotra has been appointed as the 26th Governor of the Reserve Bank of India (RBI), taking over from Shaktikanta Das, whose extended tenure concludes on December 10, 2024.
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Das, India's 25th RBI Governor who served from December 2018 to December 2024, is widely known for guiding the central bank through many challenges including the COVID-19 pandemic. Let’s learn the key things about him and his tenure as the RBI chief.
He was Born in Bhubaneswar, Odisha, in 1957. He joined the Indian Administrative Service (IAS) in 1980. A Tamil Nadu cadre officer, he held multiple key positions in the government before becoming RBI Governor.
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Das holds a Master’s degree in History from St. Stephen’s College, Delhi University. His six-year tenure at the RBI focused on monetary policy, financial stability and modernising India’s banking sector.
Das was associated with the preparation of eight Union Budgets. Das also represented India in many global events, and served as India’s Alternate Governor at the World Bank and Asian Development Bank (ADB), among other multilateral institutions.
Under his leadership, RBI implemented historic measures to counter the economic consequences of COVID-19. These included interest rate cuts, liquidity infusion and moratoriums on loan repayments to support businesses and individuals.
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Das revolutionised digital payments and financial inclusion. UPI and the simplified KYC process became huge successes under his tenure. He also guided the introduction of India’s Digital Rupee (eINR or E-Rupee) in December 2022 by the RBI.
He is known for efficiently balancing economic growth and inflation targets. Additionally, RBI undertook many initiatives to stabilise India’s banking sector under his tenure, such as cleaning bad loans and resolving stressed assets.
Das was internationally recognised for his monetary policies. He was awarded Governor of the Year 2023 by Central Banking Awards for effectively navigating challenges like inflation and financial stability during global uncertainty.
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He played a key role in managing the post-demonetisation period in the country, ensuring adequate currency supply and smoother transitions for the economy and overseeing the introduction of new currency designs.
Lastly, Das promoted sustainable finance, and introduced RBI’s initiatives like green deposits and sovereign green bonds, aimed at positioning India as a leader in environment-friendly finance.
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