Sanjay Malhotra has been appointed as the new Governor of the Reserve Bank of India (RBI), succeeding Shaktikanta Das, whose tenure ended on December 10. Malhotra began his three-year term on December 11, 2024. As the 26th RBI Governor, he takes on one of India’s most prestigious financial roles, overseeing monetary policy, banking regulation, and financial stability.
Salary and Benefits
The basic monthly salary of the RBI Governor stands at Rs. 2.5 lakh. With additional allowances such as grade and education allowances, his overall compensation increases. Despite being comparatively modest, the role comes with significant perks, including a government-provided residence in Mumbai’s upscale Malabar Hills, valued at around Rs. 450 crore. This symbolizes the status and influence attached to the position.
Perks of the Role
Apart from the salary, the RBI Governor enjoys a luxurious lifestyle with several benefits. These include an official premium-range car, medical services, and a pension. The residence and lifestyle perks make this role one of the most coveted in India’s financial system.
Continuity and Transition
Malhotra’s appointment follows Shaktikanta Das’s impactful tenure, during which the economy faced the challenges of the COVID-19 pandemic. Malhotra, with his experience as Revenue Secretary, is poised to navigate the economic challenges ahead and guide India’s central bank with expertise and authority.
