The Government makes changes in RBI Board….

Some interesting changes last evening. Apparently, the media knew of these changes on Oct 4 2018, but RBI informed the public only yesterday evening.

Ms. Revathy Iyer and Shri Raghavendra Narayan Dubey on the Northern Local Board; Prof. Sachin Chaturvedi on the Eastern Local Board and Shri Rakesh Jain on the Southern Local Board of the Reserve Bank of India, for a period of four years with effect from September 19, 2018 or until further orders, whichever is earlier.

In exercise of the powers conferred by clause (b) of the sub-section (1) of Section 8 of the Reserve Bank of India Act, 1934, the Central Government has nominated Ms. Revathy Iyer and Prof. Sachin Chaturvedi (vice Dr. Nachiket Madhusudan Mor) as Directors to the Central Board of the Reserve Bank of India for a period of four years with effect from September 19, 2018 or until further orders, whichever is earlier.

So Ms Revathy represents the Northern Zone and Prof Chaturvedi has replaced Nachiket Mor on the Eastern Zone. Though Mor remains on Eastern Zone Local Board.

This is how the Board looks as of now. It still is short of 3 members:

 

Names and addresses of the Central Board of Directors of the Reserve Bank of India (7 Nov 2018)
1. Dr. Urjit R. Patel
Governor
@10. Shri Natarajan Chandrasekaran
2. Shri N. S. Vishwanathan
Deputy Governor
@11. Shri Bharat Narotam Doshi
3. Dr. Viral V. Acharya
Deputy Governor
@12. Shri Sudhir Mankad
4. Shri B.P. Kanungo
Deputy Governor
@13. Dr. Ashok Gulati
5. Shri Mahesh Kumar Jain
Deputy Governor
@14. Shri Manish Sabharwal
*6. Dr. Prasanna Kumar Mohanty (Southern Zone) @15. Shri Satish Kashinath Marathe
*7. Shri Dilip S. Shanghvi (Western Zone) @16. Shri Swaminathan Gurumurthy
*8. Ms. Revathy Iyer (Northern Zone, was vacant till now) #17. Shri Subhash Chandra Garg
*9. Prof. Sachin Chaturvedi (Eastern Zone, replacement) #18. Shri Rajiv Kumar

Interesting to see all these changes amidst high escalations of the tension between government and RBI. Clearly, government conveying who is the boss.

All are keenly awaiting the outcome of RBI Board meeting on 19th November. What role these new members will play if at all, needs to be seen. Hope RBI discloses more information on the Board meetings compared to no information all this while.

One Response to “The Government makes changes in RBI Board….”

  1. Gaurav Tiwari Says:

    Has there ever been any ouster of the member of the central board of RBI before the expiry of his / her term?

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