On Monday, the Union cabinet's appointments committee named the 1990 batch IAS officer to lead the Reserve Bank of India, a day before governor Shaktikanta Das leaves at the end of six years at its helm.
Malhotra becomes the latest finance ministry official to steer RBI, after outgoing governor Das, as well as previous governors D Subbarao, Y.V. Reddy and Bimal Jalan. The officials come with a deep understanding of fiscal matters and the pressures on the government, even as they take the reins of India's inflation-targeting central bank.
Malhotra, who currently oversees the Centre's direct and indirect tax administration, will serve for three years beginning Tuesday, the appointments committee comprising Prime Minister Narendra Modi and home minister Amit Shah said. The Rajasthan-cadre officer has previously led the department of financial services and worked across power, mining and information technology.
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