Central Board of RBI: Centre appoints Swaminathan Gurumurthy and Satish Marathe as non-official directors

Appointments Committee of Cabinet (ACC) has approved appointment of Chartered Accountant Swaminathan Gurumurthy and businessman Satish Kashinath Marathe as another non-official director on Central Board of Reserve Bank of India (RBI). They have been appointed for period of four years.
Swaminathan Gurumurthy is Chartered Accountant by profession and is considered as Rashtriya Swayamsevak Sangh (RSS) idealogue and is associated with its affiliate Swadeshi Jagran Manch. He is also the editor of Tamil magazine Thuglak. He had referred demonetisation decision as equivalent of Financial Pokhran.

Central Board of RBI

RBI’s business is overseen by Central Board of Directors. It is categorised into official and non0official directors. It delegates the functions to its committees and sub-committees. Central Board of Directors holds minimum 6 meetings every year. Out of which, at least 1 meeting every quarter is held. But typically committee of central board meets every week (Wednesday).

Composition of RBI’s Central Board of Directors

It comprises RBI Governor, Deputy Governors (maximum 4), four non-official Directors which are nominated by Central Government (each Non-official director represents the local Boards located in Delhi, Chennai, Kolkata and Mumbai representing 4 regions of India). 10 Non-official Directors nominated by RBI itself (These are persons having expertise in various segments of Indian Economy). Besides, there is one representative (usually Financial Services Secretary) of Central Government nominated under Section 8 (1) (d) of the RBI Act.

Month: Current Affairs - August, 2018