After a long hiatus, the government today appointed three directors on the all-powerful central board of RBI, which include two noted economists Ashok Gulati and Rajiv Kumar, for four years. Besides Gulati and Kumar, the Appointments Committee of the Cabinet (ACC) has appointed Manish Sabharwal as a director. Further, the ACC has also approved the proposal of the Department of Financial Services for appointment of three members on the local board of RBI.
Prasanna Kumar Mohanty (Southern Local Board), Vallabh Roopchand Bhanshali (Western) and Sunil Mitra (Eastern) have been appointed for four years. The last board-level appointment by the government was made when it elevated N S Vishwanathan to the post of deputy governor in June. Prior to that, in March, the government had nominated three non-official directors – Natarajan Chandrasekaran, Bharat Narotam Doshi and Sudhir Mankad — on the central board of the bank.
The RBI’s affairs are governed by the central board of directors. The board is appointed by the government. The central board comprises the governor, deputy governors, 10 directors from various fields, two government officials and one each from the four local boards. As per the RBI website, besides the governor and deputy governors, there are six directors on the central board — Nachiket Mor, Natarajan Chandrasekaran, Bharat Narotam Doshi, Sudhir Mankad, Shaktikanta Das and Anjuly Chib Duggal.