LATEST NEWS – Amid a controversy that a truncated Reserve Bank of India central board had approved demonetisation of high-value notes, the government on Thursday appointed three noted names to the body.
Ashok Gulati, former chairman of the Commission for Agricultural Costs and Prices, is one. Manish Sabharwal, chairman and co-founder of recruitment consultancy TeamLease, and economist Rajiv Kumar were also named part-time non-official directors on the board, for a four-year term.
The Appointments Committee of the Cabinet had approved the appointments. It also approved the proposal of the department of financial services for appointment of three members on the local board of RBI.
Prasanna Kumar Mohanty (Southern Local Board), Vallabh Roopchand Bhanshali (Western Local Board) and Sunil Mitra (Eastern Local Board) have been appointed for four years.
RBI’s affairs are governed by the Central Board of Directors. The board is appointed by the government. There are five Official Directors – the Governor and not more than four Deputy Governors. Besides, the government nominates 16 Non-Official Directors. Ten are nominated from different fields, two are government officials and one director each from the four local boards. READ MORE