Special Correspondent
India: The Reserve Bank of India (RBI) is set to release a new ₹50 currency note, which will feature the signature of the newly appointed RBI Governor, Sanjay Malhotra.
Sanjay Malhotra was appointed as the new RBI Governor in December last year, succeeding Shaktikanta Das.
The RBI announced this on its official website, stating that the new ₹50 notes will soon be issued with the signature of Governor Sanjay Malhotra. These notes will continue to feature an image of Mahatma Gandhi. The design of the new note will remain similar to the previous ₹50 notes. RBI also clarified that all previously issued ₹50 notes will remain valid as legal tender.
Who is Sanjay Malhotra?
Sanjay Malhotra was nominated by the central government for the position of RBI Governor in 2022. Before his appointment, he served as the Secretary of the Department of Financial Services (DFS). He is a senior officer of the 1990 batch from the Rajasthan cadre. In November 2020, he was appointed Chairman and MD of REC Ltd. He has also served as Additional Secretary in the Ministry of Power.
On December 11, 2024, the 56-year-old civil servant was appointed as the new RBI Governor for a term of three years. He took over the position from Shaktikanta Das, who completed six years as RBI Governor. After his appointment, Malhotra made his first monetary policy decision by reducing the repo rate by 25 basis points from 6.5% to 6.25%. This was the first rate cut after the 12th policy meeting of the RBI’s Monetary Policy Committee.
