How Long is the RBI Governor's Tenure? 450 Crore Mansion and Other Perks Included

The central cabinet has approved Sanjay Malhotra, a 1990-batch Indian Administrative Service officer, as the new Governor of the Reserve Bank of India (RBI). Malhotra, currently the Revenue Secretary, will join the office on December 11, 2024. He will replace Shaktikanta Das whose term ends on December 10, 2024.

Tenure and Perks of RBI Governor

The term for an RBI Governor is typically three years. Along with this prestigious role, the governor enjoys significant perks, including an extravagant residence. According to former RBI Governor Raghuram Rajan, the official residence in Mumbai’s posh Malabar Hill area is valued at approximately ₹450 crore. The mansion comes equipped with state-of-the-art amenities, offering the governor a luxurious living experience.

Salary Details

On the question of salary, Rajan has spoken about how, when he was in office between 2013 and 2016, the annual salary of the RBI Governor was a paltry ₹4 lakh. As reported by an RTI query, Shaktikanta Das, the incumbent governor, was paid a monthly salary of ₹2.5 lakh, which is what his predecessor Urjit Patel had received. Other high-level officials at RBI include Deputy Governors, who draw ₹2.25 lakh a month; and Executive Directors, at ₹2.16 lakh a month.

Sanjay Malhotra

Sanjay Malhotra, who will become the RBI governor, is an IAS officer belonging to the Rajasthan cadre. Malhotra graduated in computer science from IIT Kanpur and also did a Master's in public policy from Princeton University. Malhotra has proven leadership in various sectors during his 33-year career, including electricity, finance, taxation, IT, and mining. He currently serves as the Revenue Secretary in the Ministry of Finance and has served as Secretary in the Department of Financial Services under the Ministry of Finance.