RBI Governance MPC and Key Rates – IAS Synopsis
Governance of RBI
- Established in 1935 under the Reserve Bank of India Act, 1934.
- Governed by a central board of directors.
- Directors are appointed/nominated for four years.
- Official Directors -Full-time : Governor and not more than four Deputy Governors
- Apart from official directors there are some non-official directors.
- Under the Section 7 of the RBI Act, the central government may from time to time may give such directions to the RBI, after consultation with the Governor of the Bank which it consider necessary in the public interest.
- There is no legal act mandating autonomy of the RBI.
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