Tarun Bajaj appointed as Director on RBI Central Board
- The government has appointed Economic Affairs Secretary Tarun Bajaj as a director on the central board of Reserve Bank of India (RBI).
- He will succeed Atanu Chakraborty, who retired on April 30.
ABOUT Mr. TARUN BAJAJ
- He is a 1988 Batch IAS officer.
- Prior to taking over as Economic Affairs Secretary, he was the Additional Secretary in Prime Minister’s Office.
- Before joining the Prime Minister’s Office in 2015, Bajaj was Joint Secretary in the Economic Affairs Department, looking after multilateral funding agencies division.
- He worked as Joint Secretary and Director in the Department of Financial Services. As a Joint Secretary in the Department of Financial Services for four years, he was looking after the insurance division.
ABOUT RBI
- The Reserve Bank of India was established on 1st April 1935 under the RBI Act, 1934 on the recommendations of Hilton Young Commission.
- It was nationalized on 1st January 1949 through the RBI (Transfer of Public Ownership) Act, 1948.
- RBI’s HQ- Mumbai
- RBI’s Financial year-June-May.
- RBI Governor- Shaktikanta Das
- Central bank of the country and Financial Market Regulator.
RBI’S CENTRAL BOARD OF DIRECTORS
- The Reserve Bank’s affairs are governed by a central board of directors who are nominated/
- appointed under Section 8(1) of the RBI Act, 1934. The board is appointed by the Government of India in keeping with the Reserve Bank of India Act.
- They are appointed/ nominated for a period of four years.
- The board meets once in every six months and nearly once in every quarter. It consists of the following
- Official Directors: Full-time-Governor and not more than four Deputy Governors
- Non-Official Directors: Nominated by Government-Ten Directors from various fields and two government Official And four directors each from four local boards
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