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Non official directors appointed to the board of RBI

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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 ChandrasekaranRBI
  • 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