Anand Mahindra, Venu Srinivasan nominated to join RBI board

Tags: Economy/Finance Person in news

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.