About Revenue Secretary Sanjay Malhotra

Aged 56, has officially taken charge as the 26th governor of the Reserve Bank of India (RBI) for a tenure of three years. An experienced bureaucrat with more than 30 years in civil service and a Princeton alumnus, Malhotra replaces Shaktikanta Das, who held the position of RBI governor for six years.

Process:

The Financial Sector Regulatory Appointment Search Committee, consisting of the Cabinet Secretary, the current RBI Governor, the Financial Services Secretary, and two independent members, prepares a list of people eligible to hold the post.

The shortlisted candidates are interviewed, and the list is forwarded to the Cabinet Committee on Appointments, chaired by the Prime Minister, for final approval.

Tenure:

The governor serves a term of up to five years, with the duration determined by the government at the time of appointment.

The central bank chief is also eligible for reappointment or an extension.

Qualifications:

The RBI Act of 1934 does not mention any specific qualifications for the governor. People with different educational backgrounds were selected to head the institution.

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