 "'Did a good job': KV Kamath lauds Das, backs Sanjay Malhotra for RBI role")
KV Kamath, chairman of the board of directors at Jio Financial Services, praised outgoing Reserve Bank of India (RBI) Governor Shaktikanta Das for his six-year tenure. “Shaktikanta Das has done a very good job given the many challenges over the last six years,” Kamath said.
In an interview with CNBC-TV18, Kamath also expressed confidence in incoming RBI Governor Sanjay Malhotra. “We will now have a governor who has experience in leading financial institutions, financial services, and the revenue department,” he noted.
He added, “We expect a steady hand from the new governor, as everyone looks at the big picture.”
Commenting on the RBI’s regulatory actions, Kamath said, “The regulatory steps taken by the RBI were warranted, as lending was getting loose.” He also highlighted “temporary issues causing a slowdown in demand.”
Sanjay Malhotra to be next RBI Governor
On Monday, the central government announced the appointment of Sanjay Malhotra as the new Governor of the RBI. Currently serving as Secretary in the Department of Revenue, Malhotra will succeed Shaktikanta Das and begin his three-year term on December 11.
A 1990-batch Indian Administrative Service (IAS) officer from the Rajasthan cadre, Malhotra holds a degree in Computer Science Engineering from IIT Kanpur and a Master’s in Public Policy from Princeton University.
During his career, Malhotra has held significant positions, including Chairman and Managing Director of REC Limited (a Maharatna company) and Secretary in the Department of Financial Services. He became Revenue Secretary in the Ministry of Finance in December 2022, succeeding Tarun Bajaj. In April 2023, he also took on additional responsibilities as Secretary in the Ministry of Corporate Affairs.
More From This Section
Outgoing Governor thanks PM Modi and FM Sitharaman
Shaktikanta Das, who took office as the 25th Governor of the RBI on December 12, 2018, is set to demit office after completing his six-year term.
In posts on X (formerly Twitter), Das expressed gratitude to Finance Minister Nirmala Sitharaman for her support. “Heartfelt thanks to Hon’ble FM @nsitharaman for her constant support and backing. The fiscal-monetary coordination was at its best and helped us to deal with the multiple challenges during the last six years,” he wrote.
Das also thanked Prime Minister Narendra Modi for his guidance and encouragement. “Will demit office as Governor RBI later today. Thank you everyone for your support and good wishes. Immensely grateful to the Hon’ble PM @narendramodi for giving me this opportunity to serve the country as Governor RBI and for his guidance and encouragement. Benefited a lot from his ideas and thoughts,” he posted.