Anand Mahindra, Venu Srinivasan nominated to join RBI board
The central government has nominated three industrialists – Anand Gopal Mahindra, Venu Srinivasan, and Pankaj Ramanbhai Patel and an educationist (Ravindra H. Dholakia) as part-time non-official directors on the central board of the Reserve Bank of India.
Anand Gopal Mahindra is chairman of Mahindra Group.
Venu Srinivasan is chairman of TVS Motor Company Ltd.
Pankaj Ramanbhai Patel is chairman of Zydus Lifesciences.
Ravindra H. Dholakia is a retired professor of IIM, Ahmedabad. He is a former member of the Monetary Policy Committee.
The appointment of new part-time non-official directors is for a period of four years with effect from June 14 or until further orders, whichever is earlier.
After the above appointments, the Central Board of RBI now has 15 members, in which five official members and 10 non-official members.
The tenure of non-official part-time directors is four years.
Central board of the Reserve Bank of India
The central government appoints the Board in accordance with the RBI Act, 1934.
The total strength of the board is 21, consisting of governors and a maximum of four deputy governors.
The Board is required to meet at least six times a year and at least once in every quarter.
The board usually meets at least once in Delhi when the finance minister addresses the entire board after presenting the budget for the coming year.
Apart from Delhi and Mumbai, the board usually meets in various state capitals.
The governor takes the advice of the board, but ultimately his decision is unanimous.
Deputy governors and government nominees may attend any or all meetings of the Central Board, but are not entitled to vote.
About Reserve Bank of India
Established on April 1, 1935 as per the provisions of the Reserve Bank of India Act, 1934.
The central office of the Reserve Bank was initially established in Calcutta but was permanently shifted to Mumbai in 1937.
In the Central Office the Governor sits and policies are formulated.
The affairs of the Reserve Bank are handled by a central board of directors.
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