New Delhi: At least ten non-official directors and one deputy governor posts was lying vacant empty at the time when the Reserve Bank of India (RBI) is engaged in massive currency demonetisation exercises.
The appointment for the posts was last done in June by the government was when it elevated N S Vishwanathan to the post of deputy governor.
Earlier to this, in March, the government had nominated three non-official directors-Natarajan Chandrasekaran, Bharat Narotam Doshi and Sudhir Mankad-on the central board of the bank.
Still, there are 10 positions of non-official directors lying vacant on the RBI’s central board.
On other hand, the government received about 90 applications till October 21st for the post of deputy governor.
The post fell vacant after elevation of Urjit Patel as the governor of RBI in early September.
The RBI has three deputy governors-R Gandhi, S S Mundra and N S Vishwanathan.
Besides, RBI governor and four deputy governors, there are 10 non-official directors from various fields and two government official from the finance ministry on the Board who are nominated by the government.
As per the RBI Act, there are four directors to represent local boards headquartered at Mumbai, Kolkata, Chennai and New Delhi.
The central board meeting is generally convened by the Governor at least six times a year and at least once in each quarter.
Prime Minister Narendra Modi on November 8th took everyone by surprise with his announcement of demonetising high-value currency notes of Rs 500 and 1000 and giving people 50-day window to exchange/deposit defunct notes into their accounts.