The government on Tuesday appointed Anand Mahindra, Venu Srinivasan, Pankaj Ramanbhai Patel, and Ravindra Dholakia as part-time non-official directors on the central board of the Reserve Bank of India (RBI).
The appointment will remain valid for four years with effect from June 14, the central bank said in a press release.
Anand Mahindra is chairman of the Mahindra Group, non-executive chairman of Mahindra & Mahindra, and Tech Mahindra. Venu Srinivasan is chairman emeritus of two-wheeler maker TVS Motor Company.
Anand Mahindra is the chairman of Indian multinational conglomerate, Mahindra Group which has diverse businesses in aerospace, agribusiness, aftermarket, automotive, construction equipment, defense, energy, finance and insurance, information technology, leisure and hospitality, logistics, real estate, and retail among others. The Group’s flagship company is Mahindra & Mahindra which is one of the automobile giants in the country.
Patel is on the Board of various institutions including Invest India, a Member of the Mission Steering Group (MSG), the highest policy-making and steering body constituted under the National Health Mission (NHM), and of the Drug Technical Advisory Board by the Ministry of Health & Family Welfare, Govt. of India, New Delhi.
He is also the Chairman of the Board of Governors and Society, IIM, Udaipur, and a Member of the Board of Governors of the Indian Institute of Management (IIM), Ahmedabad.
In a stock exchange filing, Zydus Lifesciences said its chairman Pankaj R Patel has been appointed as a part-time non-official director on the central board of RBI.
Patel is already on the board of various institutions, including Invest India, a member of the Mission Steering Group (MSG) — the highest policy-making and steering body constituted under the National Health Mission (NHM), and of the Drug Technical Advisory Board by the ministry of health & family welfare, it added.
RBI Board Member
The RBI central board has 11 members, excluding appointments announced on Tuesday. Tata Sons chairman Natarajan Chandrasekaran is among members whose term ended recently.
At least four more board members’ four-year terms will end over the next few months. S Gurumurthy and Satish Marathe’s term will end in August, while Revathy Iyer and Sachin Chaturvedi’s term will end in September.
The RBI Act has a provision for 21 board members, including the governor and the four deputy governors. This also includes two government officials: the secretaries from the department of economic affairs and financial services.
According to the latest RBI’s annual report, there are no central board members in two local boards: western and southern.
Some of the members like Tata Sons chairman Natarajan Chandrasekaran’s term ended recently.
