New Delhi: The government on Monday expressed surprise by naming the Revenue Secretary. Sanjay Malhotraas 56, 26 Reserve Bank of India The governor should be replaced. Shakti Kanta Daswhose six-year tenure at Mumbai’s Mint Road ends on Tuesday.
After weeks of deadlock, the Appointments Committee of the Cabinet zeroed in on Malhotra, hours before Das’ term expired. Like his predecessors, Malhotra has been given a 3-year term from December 11.
The appointment came as a surprise to Malhotra himself and he was said to be catching up with the development as he left North Block on Monday evening.
An IAS topper from the 1990 batch, Malhotra – who is moving on. Budget proposals And preparing for the main GST Council Meeting will quit the IAS later this month – three years before retirement age – to take up one of the most powerful jobs in the country.
Malhotra is a graduate in Computer Science. IIT Kanpur and Masters from Princeton University.
Malhotra, who hails from Bikaner, will be the third IITian, after Raghuram Rajan (IIT Delhi) and D Subbarao (IIT Kharagpur), to occupy the key 18th-floor office at the RBI, and the second Malhotra – RN Malhotra (1985 to 1990). After To lead the regulatory agency.
But the similarities end there. By choosing Malhotra, the Modi government has signaled its preference for a civil servant to run the Reserve Bank while Das is also from the IAS, ensuring smooth coordination with the Centre, the finance ministry and the central government. Years of conflict between the banks over several issues have come to an end. Rate of interest rate, dividend payment formula and recognition of bad loans by banks for public debt management
While Malhotra has been handling the Centre’s revenue since moving to North Block in October 2022, he is no stranger to financial services. Between February and October 2022, he was in the Department of Financial Services, overseeing state-owned banks and insurance companies.
During this period, he was also the government’s nominee to the central board of the RBI. Prior to that, he spent two years as Chairman and Managing Director of REC, a state-run infrastructure finance company. Malhotra came into his own when he shifted to the Revenue Department.
The low-profile bureaucrat has a keen eye for detail, which officials say is visible during pre-budget meetings when he will take up issues related to tax returns with the direct and indirect tax brass. “He knows the details himself, so it is difficult to bluff him. Although he is soft-spoken, he can be assertive,” said an officer, who has attended several of his meetings.
Another officer said they will also bring up the latest court judgments during their meetings with revenue officials, asking them to include these people. “He has a good sense of how the economy will respond to a particular proposal and quickly understands the job requirements,” the official said, adding that just as Malhotra led the entire Financial Action Task Force (FATF). ) led by reviews also worked in their favor as India emerged as one of the top performers.
Ever smart, Malhotra always commands attention with his colorful ties that go well with his suits. Approach them.
Whether it was dealing with tax deductions on virtual digital assets or revamping the capital gains regime, Rajasthan cadre officers were ready to tackle issues even when public opinion was not in favor of the proposals. He was equally comfortable dealing with the issues of GST: a vexed subject that requires a fine balance to be struck with the competing demands of states.