The Government on Tuesday announced S Gurumurthy and Satish Marathe as Directors of the Central Board of the RBI for a period of 4 years.
‘The Appointments Committee Of The Cabinet has approved the proposal of the Department of Financial Services for the appointment of Shri Swaminathan Gurumurthy, as part-time non-official director on the Central Board of the Reserve Bank of India under Section 8(1)(c) of the RBI Act 1934, for a period of four years from the date of notification of the appointment,’ the government notification stated.
RBI Board
The Central Board of Directors consists of the Official Directors. They include the Governor and not more than 4 Deputy Governors. Besides the Official Directors, the RBI Act empowers the government to nominate Non-Official Directors. These include 10 Directors from various fields and 2 Government officials along with 4 Directors- one from each local Board.
Other Non-Official Directors include Tata Sons Chairman N Chandrasekaran, Shri Subhash Chandra Garg Secretary, Department of Economic Affairs, Ministry of Finance, Government of India.
About S.Gurumurthy and Satish Marathe
S Gurumurthy is a Chartered Accountant, an economist and a prominent supporter of the BJP government and of Prime Minister Narendra Modi. He is a convener at the Swadeshi Jagran Manch that is affiliated to RSS.
Satish Marathe is experienced in the co-operative banking sector and their impact on rural and agricultural sector. He was formerly associated with Akhil Bharatiya Vidyarthi Parishad (ABVP) that is affiliated to the RSS.
Views and Ideology
Gurumurthy opposes foreign capital and businesses. He believes in the SMEs to provide job opportunities that would reform the Indian economy. In September 2017, he criticised the Central bank’s provisioning norms.
‘I said the RBI is destroying Indian business & also trying to force the govt to privatise the PSU banks. The RBI is is agenda driven. This is wrong. RBI has to devise policies which will work in and for India’, he tweeted.
Tomorrow will be their first Board meeting at the RBI. Its outcome would be a lookout for, for the economic enthusiasts.