Digital Desk: Sanjay Malhotra, the Department of Financial Services (DFS) secretary, was appointed to the Reserve Bank of India's Central Board on Wednesday (RBI).
"The Central Government has nominated Shri Sanjay Malhotra, Secretary, Department of Financial Services, Ministry of Finance, Government of India as a Director on the Central Board of Reserve Bank of India," RBI said.
According to the statement, Malhotra's nomination will be in force from February 16, 2022, until further orders are issued.
According to a UBS report, the RBI may not raise key rates until August despite growing inflation.
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Malhotra, a 1990-batch lAS officer from the Rajasthan cadre, was the chairman and managing director of REC Ltd before taking over as the financial services secretary. The Union Power Ministry's REC Ltd (previously Rural Electrification Corporation Ltd) is Navratna.
The central board of directors oversees the RBI's operations. The government appoints the board of directors. The RBI Governor and no more than four deputy governors make up the formal board of directors.
In addition, the government appoints 16 non-official directors to the board of directors. Ten people have been nominated from various disciplines, including two government officials and one director from each of the four local boards. Non-official directors are appointed for a four-year term and are eligible for reappointment.
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