BUSINESS

RBI board gets two new directors

The government has appointed Sachin Chaturvedi, who heads Delhi-based think tank Research and Information System for Developing Countries (RIS), in place of Nachiket Mor on the central board of the Reserve Bank of India.

Revathy Iyer, a former Indian Audit and Accounts Services officer, was also nominated to the RBI board, along with Mr. Chaturvedi. Both are appointed for a period of four years with effect from September 19, 2018.

18 members

With these appointments, RBI will now have 18 members on its central board, including four deputy governors and the governor.

The Economic Affairs Secretary and Financial Services Secretary of the Finance Ministry are also on the board. Mr. Chaturvedi was also appointed as member of the Eastern local board of RBI with effect from September 19, while Ms. Iyer was appointed to the Northern local board.

The board members are not responsible for setting the interest rate, but will provide a broader guidance to the central bank.