The Central Government on Wednesday appointed Sachin Chaturvedi and Revathy Iyer on the central board of the Reserve Bank of India (RBI).
Centre made these appointments after altering the term of Nachiket Mor, who had been granted a second term under the NDA government last year.
While Chaturvedi is appointed as the Director General at the Research and Information System for Developing Countries (RIS), a New Delhi-based autonomous thinktank, Iyer is a former bureaucrat.
These appointments were made in adherence were made in adherence section 8 (1) (b) of the RBI Act, which authorises the Centre to nominate four directors from each of the four local boards of the RBI. Despite the appointment, Mor continues to be a member of the eastern local area board.
Sources reveal that Mor’s removal is unprecedented as traditionally the government has waited for directors to complete their term before replacing them. He was earlier associated with ICICI Bank. He was appointed to the regulatory body’s board by the previous government during Raghuram Rajan’s tenure as governor.