Non official directors appointed to the board of RBI

The Appointments committee of the cabinet headed by PM Narendra Modi appointed three part time non official directors to the RBI board.

Flash points

• Three non official members include Sudhir Mankad, Bharat Narotam Doshi and Natarajan Chandrasekaran
• They will serve on the board for four years from March 4
• Sudhir Mankad was the ex-chief secretary of Gujarat during 2005-2007 when Narendra Modi was the Chief minister of Gujarat
• Natarajan Chandrasekaran is the MD& CEO of Tata Consultancy Services
• Bharat Narotam Doshi who is the chairman of Mahindra & Mahindra will be the third part time member of the board
• The appointment order was given by Department of Personnel and Training
• The Reserve bank affairs are governed by a board of directors besides the RBI governor
• There can be four official directors and ten part time non official directors from various fields and 2 government officials
• This is the first time the non official directors are appointed since 2012
• ITC chairman YC Deveshwar and IIT professor Damodar Acharya appointed in 2012 are the only non official members serving in the board at present

Points to note

• RBI governor- Raghuram Rajan
• Deputy governors– HR Khan, R Gandhi, SS Mundra and Urjit R.Patel