Despite all the criticism, RBI Board still remains empty..

It is really puzzling. Despite much criticism on role of RBI Board in recent demonetisation, the board still remains empty.

Just to reiterate, the decision to demonetise the notes was taken by RBI Board. RBI Board comprises 21 members but just 10 were appointed on the eve of demonetisation. Out of the 10, only 8 were present to take a decision as momentous as this one. Imagine any Corporate Board taking a decision at that kind of magnitude with around 40% Board members being present.

So, on 8-Nov-2016 table looked like this:

As per RBI Act Till 8-Nov-2016 On 8 Nov 2016
RBI Executive 5 (Governor -1 + DGs – 4) 4 (Governor -1 + DGs – 3) 3 (Governor -1 + DGs – 2)
Experts from different domains 10 3 2
Nominees from 4 Local Boards 4 1 (only from Eastern Area) 1(only from Eastern Area)
Nominees from Government 2 2 2
Total 21 10 8

The Government did wake up to the criticism and appointed some members. One DG was appointed and 3 members were appointed in the expert category. It even appointed members to the Local Boards as earlier there was only 1 member who was appointed to the Central Board.

The table as of now looks like this:

As on 18 May 2017
RBI Executive 5 (Governor -1 + DGs – 4)
Experts from different domains 6
Nominees from 4 Local Boards 1 (only from Eastern Area)
Nominees from Government 2
Total 14
Local Boards (should have 5 members each)
     Western 2
     Eastern 2
     Northern
     Southern 1

As we can see, only 14 positions remain filled till date.

  • In Central Board there are 4 vacancies in Other domain Experts category and 3 in Local Board category.
  • In Local Boards themselves, there are just 2 members each in Western and Eastern and 1 in Southern. The Northern continues to remain empty.
  • We might see the Local Boards of South and West send the nominees to Central Board which will raise the strength to 16 members.

Given how much has been written on this, filling RBI Board should have been a bare minimum..

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