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 (RBI) Act, 1934.
Structure of Central Board of Directors:
- Appointed/nominated for a period of FOUR years
- Official Directors
- Full-time : One Governor and not more than four Deputy Governors.
- Non-Official Directors
- Nominated by Government: Ten Directors from various fields and one government official (Generally from Ministry of Finance)
- Others: Four Directors - one each from four local boards. One each for the four regions of the country in Mumbai, Calcutta, Chennai and New Delhi.
The Function of Central Board of RBI:
The main function of Central Board of RBI is General superintendence and direction of the Bank’s affairs. The local boards advises the Central Board on local matters and to represent territorial and economic interests of local cooperative and indigenous banks; to perform such other functions as delegated by Central Board from time to time.