Three independent directors were appointed to the Central Board of the Reserve Bank of India (RBI) yesterday. The Appointment Committee of the Cabinet approved the names of Dr. Ashok Gulati, Dr. Rajiv Kumar and Mr. Manish Sabharwal to the posts.
All of them will be on the board for a period of four years, or otherwise decided by the government. They will function as part-time, non-official directors, supporting other directors as required.
These appointments take the current strength of the Central Board to 14.
Members of RBI Central Board
The Central Board can consist of a maximum of 21 directors, including five official directors and 16 non-official directors. The official directors include the RBI Governor and 4 Deputy Governors, with the government nominating the rest.
Of the 16 non-official directors, there is one director from each of the four local boards, two government officials and 10 nominated members belonging to different fields.
Here’s a look at how the Central Board looks after the latest appointments.
|Dr. Urjit Patel||RBI Governor||Official Director|
|Mr. R Gandhi||Deputy Governor||Official Director|
|Mr. S Mundra||Deputy Governor||Official Director|
|Mr. N Vishwanathan||Deputy Governor||Official Director|
|Dr. Viral Acharya||Deputy Governor||Official Director|
|Dr. Nachiket Mor||Country Director, Bill & Melinda Gates Foundation||Non-official Director|
|Mr. N Chandrasekaran||Appointee Chairman, Tata Sons||Non-official Director|
|Mr. Bharat Doshi||Chairman, Mahindra Intertrade Limited||Non-official Director|
|Mr. Sudhir Mankad||Retd. IAS officer||Non-official Director|
|Mr. Shaktikanta Das||IAS officer||Non-official Director|
|Ms. Anjuly Duggal||IAS officer||Non-official Director|
|Dr. Ashok Gulati||Economist||Non-official Director|
|Dr. Rajiv Kumar||Economist||Non-official Director|
|Mr. Manish Sabharwal||Co-founder, TeamLease||Non-official Director|
The government appoints members to the board, who are responsible for handling RBI’s internal affairs. The board looks after general supervision of activities, in addition to giving the right direction to the RBI keeping current economic factors in mind.
The RBI has been in the news ever since the decision to demonetise currency was implemented, with the opposition questioning the role of the members.
In addition to the aforementioned names, the government also approved the appointment of three members to the local board of RBI. Prasanna Kumar was appointed to the Southern Local Board, Sunil Mitra to the Eastern Local Board and Vallabh Bhansali to the Western Local Board.