The Government of India has appointed Revenue Secretary Sanjay Malhotra as the new Governor of the Reserve Bank of India (RBI). Malhotra succeed the current RBI Governor Shaktikanta Das, whose tenure concluded on December 10. He become the 26th Governor of the RBI and assume office on December 11 for a three-year term. The position of RBI Governor is among the most prestigious roles in India’s financial system. The Governor is responsible for overseeing the country’s monetary policy, regulating banking institutions, and maintaining financial stability.
According to a 2017 report by Press Trust of India (PTI), the RBI Governor receives a basic monthly salary of Rs. 2.5 lakh. The total salary package includes various allowances, such as grade allowance and education allowance, which enhance the overall compensation.
In addition to the salary, the RBI Governor enjoys several benefits. One of the most notable perks is the official residence provided in the upscale Malabar Hills area of Mumbai. Reports suggest that this property is valued at approximately Rs. 450 crore, reflecting the prominence of the position.
Interestingly, this pay scale has remained unchanged since a 2016 revision during Urjit Patel’s term. Comparatively, Deputy Governors earn a basic salary of Rs 2.25 lakh per month, with the Governor earning Rs 31,500 more. Despite the relatively modest pay, the role comes with symbolic significance, including signing currency notes and residing in a colonial-era bungalow in Mumbai.
The Governor also enjoys a range of other benefits, including a government-provided house, an official car of premium range, medical services, and a pension.
Shaktikanta Das, who has served as the Governor of the RBI since December 2018, played a crucial role during his tenure, steering the economy through challenging times such as the COVID-19 pandemic. Sanjay Malhotra, with his extensive experience as Revenue Secretary, is expected to bring valuable expertise to his new role and lead the central bank in navigating future economic challenges.
As the 26th Governor of the RBI, Malhotra’s leadership will be instrumental in shaping India’s monetary policy and fostering financial stability in the coming years.
