The Central Board of Directors of the Reserve Bank of India (RBI) on Monday reviewed the current economic situation, global and domestic challenges including the overall impact of current global geopolitical crises. The 598th meeting of the board was held in Mumbai.
The meeting, chaired by RBI Governor Shaktikanta Das, also discussed the functioning of various sub-committees of the central board, the Ombudsman Scheme, and activities of select central office departments, it added.
Directors of the central board namely Satish K. Marathe, S. Gurumurthy, Revathy Iyer, Prof. Sachin Chaturvedi, Venu Srinivasan, Pankaj Ramanbhai Patel, and Dr. Ravindra H. Dholakia were present in the meeting.
RBI deputy governors Mahesh Kumar Jain, Dr. Michael Debabrata Patra, M. Rajeshwar Rao, T. Rabi Sankar, and Ajay Seth, Secretary, in the department of economic affairs too attended the meeting.
The central board is the highest decision-making body of the apex bank headed by the RBI governor. According to the RBI Act, the government nominates 10 eminent persons from various fields to the central board of the RBI, besides four directors (one from each of the four local boards).
The RBI was established on April 1, 1935, and the appointment and tenure of the board members are governed by Section 8 of the RBI Act.
It is Section 7, which has been in news lately, that states that the "Central Government may from time to time give such directions to the Bank as it may, after consultation with the Governor of the Bank, consider necessary in the public interest".
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