Shri Sanjay Malhotra, an Indian Administrative Service Officer of 1990 Batch Rajasthan Cadre, took over charge as the 26th Governor of the Reserve Bank of India for a period of three years effective December 11, 2024. Immediately prior to this appointment, Shri Malhotra was Secretary, Department of Revenue (DOR) in the Ministry of Finance, Government of India, before which Shri Malhotra held the post of Secretary in Department of Financial Services in the Ministry of Finance, Government of India.

Shri Malhotra has vast and diverse experience across various key sectors including power, finance and taxation, information technology, etc. and has held key positions both at the State and the Central Government, apart from having a stint with a United Nations agency. He was also Chairman and Managing Director of Rural Electrification Corporation Limited. Shri Malhotra served on the Central Board of Reserve Bank of India as a Government Nominee Director from February 16, 2022 to November 14, 2022.

Shri Malhotra is a graduate in Computer Science and Engineering from the Indian Institute of Technology, Kanpur and a Master in Public Policy from the Princeton University, USA.

Shri Swaminathan Janakiraman, was appointed as the Deputy Governor of the Reserve Bank of India in June 2023 where his responsibilities include Supervision, Financial Inclusion and Development, Consumer Education and Protection.

Shri Swaminathan is a career banker from State Bank of India (SBI), which is India’s largest bank.  In an illustrious career with SBI spanning over 34 years, Shri Swaminathan has held, both in India and overseas, various assignments across Corporate and International Banking, Retail and Digital Banking, Finance and Assurance functions.  

As Managing Director of SBI, Shri Swaminathan oversaw the large corporate and commercial credit business of the bank along with the Non-Banking Subsidiaries of SBI and Regional Rural Banks sponsored by SBI.  In his immediately preceding assignment, Shri Swaminathan was in charge of the stressed assets management vertical, Risk management functions and Regulatory compliance. Apart from serving as SBI’s nominee on the Boards of various organisations, he also chaired the Advisory Group to the Regulations Review Authority (RRA 2.0) of the Reserve Bank of India (2021-22). 

Previously, as Deputy Managing Director (Finance), Shri Swaminathan handled the Balance Sheet Management, Planning and Budgeting functions as well as Investor Relations. As SBI’s Chief Digital Officer, Shri Swaminathan oversaw Digital & Transaction Banking verticals of the Bank. Earlier, as a Chief General Manager, Shri Swaminathan headed a major Circle of SBI, taking care of the Retail Banking business.  In this tenure, he was also the President of the State Level Bankers’ Committee and was responsible for spearheading the financial inclusion initiatives of the banking community.

Shri Swaminathan has an Executive MBA from the National Institute of Business Management. He is a Certified Associate of Indian Institute of Bankers (CAIIB), Certified Documentary Credit Specialist (CDCS) and Certified Anti-Money Laundering Specialist (CAMS).

Dr. Poonam Gupta took over as the Deputy Governor of the Reserve Bank of India. The Government of India on April 02, 2025, appointed her to the post of Deputy Governor for a period of three years from the date of joining the post or until further orders, whichever is earlier.

As Deputy Governor, Dr. Gupta will look after Monetary Policy Department, Financial Markets Operations Department, Department of Economic and Policy Research, Financial Stability Department, International Department, Department of Statistics and Information Management, Corporate Strategy and Budget Department and Department of Communication.

Immediately prior to this appointment, Dr. Gupta was the Director General of the National Council of Applied Economic Research (NCAER), leading the works on issues related to Economic Growth, International Financial Architecture, Central Banking, Macro Economic Stability, Public Debt, and State Finances. She also served as member of the Economic Advisory Council to the Prime Minister and as Convener of the Advisory Council to the 16th Finance Commission.

Before joining NCAER, Dr. Gupta had worked at senior positions for nearly two decades at the International Monetary Fund (IMF) and World Bank. Dr. Gupta also taught at the Delhi School of Economics, University of Maryland (USA) and as a visiting faculty at the Indian Statistical Institute (ISI), Delhi. She has been the RBI Chair Professor at the National Institute of Public Finance and Policy (NIPFP) and a Professor at the Indian Council for Research on International Economic Relations (ICRIER).

Dr. Gupta has various research papers published and an edited book “Emerging Giants: China and India in the World Economy” to her credit.

Dr. Gupta holds a Master’s degree and PhD in Economics from University of Maryland, USA, and a Master’s degree in Economics from Delhi School of Economics, University of Delhi.

Prof. Partha Ray joined NIBM as Director in May 2021. He was Professor of Economics at the Indian Institute of Management Calcutta during December 2011 – April 2021, where he taught Macroeconomics, Global Political Economy, and Recent Issues on Monetary Policy and Banking. During 2007 – 2011, he was Adviser to the Executive Director (India) at the International Monetary Fund, Washington D.C. Earlier (during 1989-2006) he was working in the specialist cadre of Economists in the Reserve Bank of India (RBI); his last position was Director, Department of Economic and Policy Research, RBI. Educated in Kolkata, Mumbai and Oxford, he has written extensively on issues relating to Indian economy, global financial crisis, monetary policy, banking and finance.  

Dr. Sajjid Z. Chinoy is Managing Director and Chief India Economist at J.P. Morgan, and a member of the Economic Advisory Council to India’s Prime Minister (EAC-PM). He also serves on an Advisory Group set up by India’s Ministry of Finance on G20 issues in the run-up to India assuming the G20 Presidency in 2022. He is a member of the Next Bretton Woods Group (NBWG) of rising leaders in economic policy set up under the auspices of the Peterson Institute for International Economics in Washington D.C. Dr. Chinoy previously served on the Advisory Council to India’s 15th Finance Commission and was a member of the “Expert Committee to Revise and Strengthen the Monetary Policy Framework” set up by the RBI which proposed inflation targeting in India in 2014. He has served on other RBI committees including Offshore Rupee Markets and Developing a Secondary Market for Corporate Loans. In 2016, he served as a consultant to the FRBM Review Committee which proposed a new fiscal anchor for India.

Dr. Chinoy has been ranked as one of India’s Best Fixed Income Researchers by Asset Magazine for every year since 2013, and was awarded the J.P. Morgan Excellence Award for Value Creation in 2011. He has co-edited a book, “India’s External, Financial and Fiscal Policies” with Dr. Anne O. Krueger, former First Deputy Managing Director of the IMF, and his research has been published in books, conference volumes, IMF and RBI working papers, and journals.

Dr. Chinoy has previously worked at the IMF and McKinsey & Company. He received his Ph.D. at Stanford University. His Ph.D. dissertation won the EXIM Bank award for the best dissertation by an Indian national in 2001.

Dr. Ravindra H. Dholakia has experience of teaching, research, training and consultancy for about 45 years at IIM Ahmedabad (1985 to 2018); M.S. University of Baroda (1980-1985); and SPIESR Ahmedabad (1977-80). His areas of research interest are macroeconomic policies; growth and development including agriculture, urbanization, labour, productivity, health and education; national and sub-national accounts. He has considerable practical experience of working in high powered policy making and evaluation bodies in India such as Member of the first Monetary Policy Committee of India that decides the policy rates (2016-20); Member of the Sixth Central Pay Commission (2006-08) deciding revision of the pay and pension of more than 10 million employees in India; Member of the High Level Committees on 10^th Advisory Board of CAG (2021-23), Assisting the Government for assessment of relief to Bank Borrowers (2020), Leveraging Postal Network in India (2014), Pay Rationalisation and Restructuring for Air India (May 2011- March 2012), Public Expenditure Management (2009-10), and on Savings and Investment Estimation (2008-09) appointed by the Government of India. He also worked as a Member of the Expert Committee on Economic Revival Measures including Fiscal Restructuring in the State Economy Post-COVID-19 Pandemic (2020), Restructuring of the State Public Sector Units (2004-08), the Public Debt Management Committee (2005-06), and the State Public Finance Reform Committee (1998 – 2000) appointed by the Government of Gujarat. Dr. Dholakia has chaired Committees on Financial Sector Statistics (2016-18), Sub-National Accounts (2018-20) appointed by the Ministry of Statistics and Programme Implementation, Government of India, and Cost Saving and Resource Use Optimization in Air India (2013), appointed by Ministry of Civil Aviation, Government of India. He has carried out numerous consulting assignments in the private and public sector companies in India and has done work for the international organizations like WHO, UNICEF, World Bank, UNDP, Hewlett Foundation, United Nations, UN–Mongolia, etc. He has written about 49 monographs, 23 books, and more than 140 research papers published in journals of national and international repute and guided 41 students successfully for doctoral degree. Dr. Dholakia has served as an independent director on the Boards of Gujarat State Financial Services, National Commodity and Derivatives Exchange, Power Finance Corporation, State Trading Corporation, Air India, Union Bank of India, Adani Ports and Special Economic Zone, Adani Enterprises, Adani Transmission, Gujarat State Petroleum Corporation, Gujarat State Fertilizer and Chemicals, Gujarat Industries Power Company, etc.

Dr. Pami Dua is Senior Professor of Economics and Former Director of the Delhi School of Economics. She has also served as Chairperson, Research Council; Dean Research of Humanities and Social Sciences; and Dean of Academic Activities and Projects at the University of Delhi.

She was an external member of the first Monetary Policy Committee of the Reserve Bank of India. She has also served as the President of the Indian Econometric Society. She has served as Co-Chair of the Task Force on Macroeconomics, Trade and Livelihoods under Think20 (T20) India / G20 India. She is also an Honorary Distinguished Fellow (Non-resident) of the Indira Gandhi Institute of Development Research (IGIDR), Mumbai. She is a Senior Research Fellow with the Economic Cycle Research Institute (ECRI) in New York and has been the Principal Coordinator from India of the United Nations World Project LINK for almost two decades.

She earlier served as the President of the Indian Econometric Society and as Editor of the Indian Economic Review, journal of the Delhi School of Economics, for almost two decades.

She has published widely in time series econometrics, forecasting, macroeconometrics, monetary policy and business cycle analysis. She has almost four decades of experience in teaching of macroeconomics, econometrics and forecasting. She earlier taught at the University of Connecticut, USA and Wayne State University, Michigan, USA, and has also been affiliated with Yale University as well as Columbia University.

She holds a Doctorate in Economics from London School of Economics.

She has been conferred the highest honour of the University of Delhi, Nishtha Dhriti Satyam Samman, given to a person of eminence who has made an extraordinary contribution to the development of the University. She has also been conferred the National Systems Gold Medal by the Systems Society of India for her outstanding contributions in the area of Economics and Social Sciences. She has been honoured with the Distinguished Alumni Award from Lady Shri Ram College.

Prof N. R. Bhanumurthy is currently the Director of Madras School of Economics, Chennai.  Earlier he served as first Vice-Chancellor of Dr. B.R. Ambedkar School of Economics University, Bengaluru (BASE University). He served as Professor at NIPFP, New Delhi and as Assistant Professor and Associate Professor at Institute of Economic Growth, Delhi.

His research areas are macro-monetary economics, fiscal policy, international money & finance, macroeconomic modelling and development economics. In these areas he has authored over 90 research papers, five books, and over 250 short articles in newspapers and magazines. His views on Indian economy is very regularly quoted in both print and visual media.  He has successfully co-supervised 6 Ph.D. students and was part of Doctoral committee of 6 Ph.D. students.  He had brief stints at UNESCAP, Bangkok and at UNDP RCC at Colombo as Macroeconomist. He was a Visiting Fellow at MSH, Paris, Mcgill University, Montreal and ADB, Manila. He has been a consultant to UN-DESA (New York), UN-ESCWA (Beirut), UNDP-Nepal, UNDP-Bhutan, UNESCAP, ILO, the World Bank, and ADB.

He has served on over 25 government committees constituted by Finance Ministry, Ministry of Statistics, Ministry of Rural Development, National Statistical Commission, Ministry of Education, erstwhile Planning Commission, NITI Aayog, RBI, SEBI, Government of Madhya Pradesh, Government of Karnataka, among others. Dr Bhanumurthy is currently serving as Managing Trustee of the Indian Econometric Society Trust and also Managing Trustee of Indian Economic Association Trust for Research and Development since 2010. He was Secretary of the Indian Econometric Society for over 17 years between 2006 and 2023.  As part of the India’s G20 presidency, Dr Bhanumurthy is nominated as a Chair for the T20 Taskforce-1 on ‘Macroeconomics, Trade and Livelihoods’

He has received two prestigious awards: Mahalanobis Memorial Medal (National) Award for the year 2014 for his contributions to the field of quantitative economics in India; and “VKRV Rao Prize in Social Sciences (Economics)” for the year 2015, for high quality research and for significant contributions to social science research in India.

Shri Eugene Emmanuel Karthak joined as Director of IIBM in December 2021. He was earlier Executive Director, Reserve Bank of India looking after the functioning of Department of Information Technology, Department of Corporate Services, Premises Department, Central Security Cell, Premises Department and Rajbhasha Department. He also has contributed to various committees like CCB, DG's Committee, Building Sub-Committee etc. Prior to joining as Executive Director, he worked as the Regional Director, RBI Delhi and Regional Director, RBI, Bengaluru.

In 2010, he was entrusted to setting up of the RBI’s Office in Gangtok, Sikkim.

He was also RBI’s Nominee Director on the Board of Andhra Bank where he served on the bank’s Management Committee, Audit Committee and Remuneration Committee, Information Technology Committee etc.

Besides, he also worked as a deputationist in Govt of India, New Delhi and Central Bureau of Investigation, New Delhi.

Dr. Rajiv Ranjan is the Executive Director and member of the Monetary Policy Committee (MPC) of the Reserve Bank of India since May 2022. Prior to this, Dr. Ranjan was serving as Adviser-in-Charge of Monetary Policy Department and Secretary to the MPC for about 2 years. Being a member of the Monetary Policy Committee (MPC) and earlier Secretary to the MPC, he has been closely associated in framing the monetary policy of the country.

Dr. Ranjan holds Master’s degree in economics from Delhi School of Economics, and a Ph.D. degree in Macroeconomic Modelling from University of Mumbai.

Dr. Ranjan has more than 35 years of experience of working in several key departments of RBI including Monetary Policy Department; Department of Economic Policy and Research; Department of External Investments and Operations; and International Department. He has served as Economic Policy Expert in Central Bank of Oman for three years.

Dr. Ranjan has wide experience of working in the area of macroeconomic policies including monetary policy, fiscal policy, real sector, external sector and international affairs related to the IMF/G20/BIS. He has several policy oriented and research articles to his credit published in domestic and international journals. He has co-authored three books on contemporary economic issues. He has been associated with several high-level committees constituted by the RBI and international organisations from time to time.

Dr. Ranjan has been given the additional responsibility of helming the Centre for Advanced Financial Research and Learning (CAFRAL) as Director which is an independent institution set up by the Reserve Bank of India, for conducting research and learning in banking and finance.