Highlights:
- Appointments will be for a four-year period
- Appointments were approved by the Cabinet Appointments Committee
According to a circular issued by the central bank on June 14, the government has named Anand Mahindra, Ravindra Dholakia, Venu Srinivasan, and Pankaj Patel to the RBI’s board of directors.
Appointments for a four-year period
These appointments will be for a four-year period. These appointments were approved by the Cabinet Appointments Committee.
A central board of directors oversees the Reserve Bank’s operations. In accordance with the Reserve Bank of India Act, the government of India appoints the board.
Mahindra received the Padma Bhushan, the country’s third-highest civilian honour
Mahindra is the chairman of the Mahindra Group, a multinational conglomerate based in Mumbai. In January 2020, Mahindra received the Padma Bhushan, the country’s third-highest civilian honour.
Dholakia is a former professor at the IIM Ahmedabad. Srinivasan is the emeritus chairman of TVS Motor Company.
Zydus Lifesciences’ chairman is Patel. He currently serves on the boards of Invest India and the National Health Mission’s Mission Steering Group, as well as the Ministry of Health and Family Welfare’s Drug
Technical Advisory Board.
Central bank decided to raise the repo rate by 50 basis points to 4.90 percent
The central bank decided to raise the repo rate by 50 basis points to 4.90 percent at its most recent MPC meeting. As a result, the Standing Deposit Facility (SDF) has been adjusted to 4.65 percent, while the Marginal Standing Facility (MSF) and bank rate have been adjusted to 5.15 percent.
In the face of rising inflation, the panel unanimously voted for ‘withdrawal of accommodation.’ RBI Governor Shaktikanta Das added that the RBI will take calibrated, focused steps to bring inflation down to the
MPC’s comfort band of 2-6 percent.
Also Read: Zoho invests in robotics , startup by Anand Mahindra, working to eliminate manual scavenging
