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News:The Reserve Bank of India (RBI) Deputy Governor post who is in-charge of Monetary Policy has been vacant since 3 months.
Facts:
About Reserve Bank of India(RBI):
- The Reserve Bank of India was established on April 1, 1935 in accordance with the provisions of the Reserve Bank of India Act,1934.
- The Reserve Bank’s affairs are governed by a central board of directors.
- The board is appointed by the Government of India in keeping with the Reserve Bank of India Act,1934.
Members of Board:
- Official directors which includes the Governor and up to four Deputy Governors
- Non-official directors who includes up to ten directors from various fields and two government officials
- One director from each of four local boards of the RBI.
Tenure:
- The Governor and Deputy Governors hold office for not more than five years.
- The ten directors nominated by the government hold office for four years and the government officials are to hold a term on the RBI Board as long as the government sees fit.
Duties of the Board:
- The Governor has to call a Board meeting at least six times in a year and at least once each quarter.
- A meeting can be called if a minimum of four Directors ask the Governor to call a meeting.
- The Governor or if for any reason unable to attend,the Deputy Governor authorised by him to vote for him presides the Board meetings.In the event of split votes the Governor has a second or deciding vote.
