The central board of directors is the primary governing body of the Reserve Bank of India (RBI). Directors are appointed by the Government of India for a four-year term. The board comprises:
- Governor
- Deputy Governors: Not more than four
- Regional Directors: Four directors representing the regional boards
- Ministry of Finance Representatives: Two members, usually the Economic Affairs Secretary and the Financial Services Secretary
- Other Directors: Ten directors from various fields
Composition and Roles
- Governor and Deputy Governors:
- The governor oversees the entire operation of the RBI.
- Four deputy governors assist the governor. Traditionally, two deputy governors are from within RBI ranks, one is nominated from among the chairpersons of public sector banks, and one is an economist. An Indian Administrative Service (IAS) officer can also be appointed as a deputy governor and later as the governor, as seen in the cases of Y. Venugopal Reddy and Duvvuri Subbarao.
- Chief Operating Officer (COO):
- Under Raghuram Rajan’s governorship, there was a proposal to create a post of a chief operating officer (COO) with the rank of deputy governor to re-allocate work among the deputy governors and the COO.