The Reserve Bank of India (RBI) will soon release a ₹50 banknote featuring the signature of its new governor, Sanjay Malhotra.
He is set to take over as RBI Governor in December 2024, replacing Shaktikanta Das, who completed his extended term.
Design of the New ₹50 Note
According to an RBI statement, the new ₹50 banknotes will have the same design as those in the Mahatma Gandhi (New) Series. There will be no changes in appearance apart from the governor’s signature.
What Happens to Old ₹50 Notes?
If you are concerned about the validity of old ₹50 notes after the introduction of the new ones, the RBI has clarified that all previously issued ₹50 banknotes will remain legal tender. This means you can continue to use them without any issues.
Who is Sanjay Malhotra?
Sanjay Malhotra is a senior bureaucrat from the 1990 batch of the Indian Administrative Service (IAS), belonging to the Rajasthan cadre.
He holds a Bachelor’s degree in Computer Science from the Indian Institute of Technology (IIT) Kanpur and a Master’s degree in Public Policy from Princeton University, USA.
With over 33 years of experience, he has worked in various sectors, including Power, Finance, Taxation, Information Technology,
and Mining. Before his appointment as RBI Governor, he served as Secretary (Revenue) in the Ministry of Finance and previously held the position of Secretary in the Department of Financial Services.
Why Was Sanjay Malhotra Appointed as RBI Governor?
Sanjay Malhotra was chosen for this role due to his vast expertise in financial services, taxation, and policymaking. His experience as Secretary of the Department of Financial Services and his deep understanding of tax
and financial matters at both central and state levels made him a strong candidate for the position. His leadership is expected to strengthen RBI’s financial policies and governance.
