Reserve Bank of India Discusses Economic Situation and Appreciates Outgoing Governor’s Service

The 612th meeting of the Central Board of Directors of the Reserve Bank of India (RBI) took place in Guwahati on Friday, chaired by the newly appointed RBI Governor Sanjay Malhotra. During the meeting, the Board expressed its appreciation for the valuable services rendered by Shaktikanta Das, who served as the Governor for six years until his term ended on December 10.

Shaktikanta Das, a seasoned bureaucrat, led the central bank through significant challenges, particularly during the COVID-19 pandemic. He previously held key positions as Secretary of the Department of Revenue and the Department of Economic Affairs under the Ministry of Finance. Das assumed office as the 25th Governor of the RBI on December 12, 2018, with his term extended in 2021.

In the recent meeting, the Board reviewed the global and domestic economic situation and outlook, discussing the activities of select Central Office Departments as well as the draft Report on Trend and Progress of Banking in India for 2023-24.

The meeting was attended by Deputy Governors Michael Debabrata Patra, M Rajeshwar Rao, T Rabi Sankar, Swaminathan J, and other Directors of the Central Board, including Satish K Marathe, Revathy Iyer, Prof. Sachin Chaturvedi, Venu Srinivasan, and Ravindra H Dholakia. Nagaraju Maddirala, Secretary of the Department of Financial Services, was also present.

Sanjay Malhotra, who previously served as the revenue secretary at the Ministry of Finance, was appointed as the new Governor of the Reserve Bank of India, effective December 11, 2024, for a term of three years. Malhotra is an Indian Administrative Service Officer of the 1990 Batch from the Rajasthan Cadre, holding an Engineering degree in Computer Science from the Indian Institute of Technology, Kanpur, and a Master’s in Public Policy from Princeton University, USA.