On Thursday, over the matter of demonetization, the government is appointed three more directors for Reserve Bank of India central board.

For a four-year term, Ashok Gulati, former chairman of the Commission for Agricultural Costs and Prices, Manish Sabharwal, chairman and co-founder of recruitment consultancy TeamLease, and economist Rajiv Kumar were named.

The approval is given by the Committee of the Cabinet, they also approved the proposal for the department of financial services to appoint three members of the local board of RBI.

The person who is appointed for four years is named as Prasanna Kumar Mohanty (Southern Local Board), Vallabh Roopchand Bhansali (Western Local Board) and Sunil Mitra (Eastern Local Board).

The RBI’s affairs are government by the Central Board of Directors. Government appoints the board in which there are five official Directors under which it includes Governor and not more than four Deputy Governors. Besides this, 16 Non-Official Directors are nominated by the government. Ten are nominated from different fields, two are government officials and one director each from the four local boards. 

Former finance minister P Chidambaram had asked: “How did these three wise men and the RBI governor reach the conclusion in 30 minutes?”

The member who attends it was RBI’s 11 member, the latest deputy governor Viral Acharya being there.Other are RBI governor Urjit Patel, three deputy governors, economic affairs secretary Shaktikanta Das, financial services secretary Anjuly Chib Duggal, Tata Sons chairman-designate N Chandrashekharan; Nachiket Mor, country director for the Bill and Melinda Gates Foundation; former Gujarat chief secretary Sudhir Mankad and B N Doshi, former finance head at Mahindra & Mahindra.

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