A recent press report said that the Government of India has appointed two more members on the Central Board of Directors of the Reserve Bank of India. According to reports the new Directors are Shri Y.H. Malegam, who has been re-appointed from October 7, 2011 and Prof. M.V. Rajeev Gowda who has been appointed from October 17, 2011.
According to reports Shri Malegam is a Chartered Accountant who is the Chairman of the National Advisory Committee on Accounting Standards. HE has also been a past President of Institute of Chartered Accountants of India.
Prof. Gowda is a Professor of Economics and Social Sciences, Indian Institute of Management, Bangalore. He has also been appointed as a Member of the Local Board Southern Area.
Reports said that the members are appointed for a period of four years. Last month, the Government of India nominated seven new members reconstituting the Reserve Bank of India Central Board.
The RBI is the central banking institution of India and it controls the monetary policy of the rupee. The regulator has recently hiked key interest rates by 25 basis points, which is its 12th such hike since March, 2010. The hike has made home loans, car loan, personal loans and other loans more expensive.