K M Birla, Aziz Premji on reconstituted RBI board
30 Jun 2006
Mumbai: The Union Government has reconstituted the central board of directors of the Reserve Bank of India (RBI) with Azim Premji, chairman, Wipro, and Kumar Mangalam Birla, head of the Aditya Birla group, among the new members nominated.
Premji and Kumar Birla replace Tata group chairman Ratan Tata and Infosys Technologies chairman and chief mentor N R Narayana Murthy who have retired as directors of the central board. Both Tata and Murthy were members of the board since 2000. Other members retiring from the board are Mihir Rakshit, K Madhava Rao, V S Vyas, KP Singh, Amrita Patel, Shri Suresh Krishna.
The government has reconstituted the apex bank's central board with effect from June 27.
Among the members re-nominated to the board are Y H Malegam, chartered accountant, H P Ranina, supreme court advocate, and A S Ganguly, member of the investment commission and also chairman of ICICI OneSource.
Other members nominated to the RBI central board are Suresh Tendulkar, economist and member, Prime Minister's economic advisory council; U R Rao, former chairman of ISRO and chairman of research council, physical research laboratory, Department of Space; retired IAS official, Lakshmi Chand; Shashi Rekha Rajagopalan, consultant - co-operatives; Suresh Kumar Neotia, chairman, Ambuja Cement; A Vaidyanathan, Madras Institute of Development Studies; Man Mohan Sharma, former director, Mumbai University Institute of Chemical Technology and D Jayawardanavelu, chairman and managing director, Laxmi Machine Works.
The reconstituted board will have a tenure of four years with effect from June 27, stated a press release issued by the RBI.
RBI's affairs are governed by the central board of directors, which is appointed for a period of four years by the government in keeping with the provisions of the Reserve Bank of India Act.
The board consists of the governor, a maximum of four deputy governors, 10 non-official directors and one director each from the four local boards.
