The Government has nominated seven Directors, commonly known as RBI Directors, to the board of various Public Sector Banks (PSBs).
Nominations of these directors have been given under the Banking Companies (Acquisition and Transfer of Undertakings) Act 1970, by the Central Government, on the recommendation of the banking regulator Reserve Bank of India (RBI).
These directors are generally known as ‘RBI directors’ as most of them are RBI officials, holding expertise in banking regulations and supervision, appointed under Section 9(3)(c) of the law.
The list of nominees include R Kesavan in Canara Bank (in place of Ms Uma Shankar), S.C.Murmu in Bank of India (in place of R Sebastian), Arun Kumar Singh in Union Bank of India (in place of A.K.Misra), Thomas Mathew in Central Bank of India (in place of Sekhar Bhatnagar), G.P.Borah in Syndicate Bank (in place of R N Kar), S K Panigrahy in Indian Bank (in place of J K Dash) and Sadhana Varma in United Bank of India (in place of Arnab Roy).
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