Former Chief Secretary of Gujarat Sudhir Mankad and two others were today appointed as non-official directors to the board of Reserve Bank of India (RBI).
The Appointments Committee of the Cabinet (ACC), headed by Prime Minister Narendra Modi, has approved appointment of Mankad as part-time non-official director on the central board of the RBI for a period of four years, an order issued by Department of Personnel and Training (DoPT) said.
Mankad was Chief Secretary from April 2005 to August 2007 when Narendra Modi was the Chief Minister of Gujarat.
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Besides Mankad, Natarajan Chandrasekaran, Chief Executive Officer and Managing Director of Tata Consultancy Services (TCS) has also been appointed as part-time non-official director on the RBI board, it said.
Bharat Narotam Doshi, non-executive chairman of Mahindra & Mahindra is the third part-time non-official director on the central board of the bank, the DoPT said.
Both Chandrasekaran and Doshi will have a tenure of four years, it said.
The Reserve Bank's affairs are governed by a central board of directors. The board is appointed by the government of India. Besides the RBI Governor, there cannot be more than four Deputy Governors as full-time official directors of the central bank.
There can be ten non-official directors from various fields and two government officials.
The Citi, in its report, has said RBI may revise its
2016-17 GDP growth forecast substantially from 7.6 per cent earlier and cut repo rate by 25 bps repo to arrest the downside risks to growth.
Industry chamber PHDCCI feels that as the process of demonetisation has created tremendous liquidity, at this juncture, "RBI should cut repo rate in line with cut in deposit rates" in the policy.
"Industry, businesses and people are facing the impact of higher interest rates for the last many years," said PHD Chamber of Commerce and Industry President Gopal Jiwarajka.
HSBC, in a report, said expectations of lower growth and inflation solidify its 25 bps rate cut call for the current fiscal year.
